Weekly Update 10/22/10

I made 9 trades this week including opening new positions in LVS and RVBD.

RVBD PCCRC 

Today RVBD appeared on my PCCRC screener after beating earnings estimates and rising 18%. I opened a Nov/Jan 55 PCCRC for 12.55 debit when RVBD was at 52.58. RVBD closed today at 54.27 and the position is up 9%.

NOV Bullish Diagonal

On Tuesday I covered the long position in NOV by selling a November 50 Call for 0.80 (it is confusing to trade November options in NOV because the abbreviations are the same). So currently the position is +3Jan 40 C/-3Nov 50 C for 3.71 debit. Overall profit is at 34%.

FCX Bullish Diagonal

I rolled the short call down in the FCX diagonal Tuesday after FCX moved down quickly capturing some profit on the sold call. The current overall profit is 7%.

XLE Bullish Diagonal

The XLE diagonal position (it is currently a long call since I uncovered the long) has done well. I rolled the long call up and doubled the number of longs on Monday (see twitter Trade Updates above). Currently the overall profit is 28%.

PNC Bearish Diagonal

The PNC position moved against me all week and I made two trades in response. On Tuesday I covered the long by selling the Nov 50 put. Then on Thursday I rolled the put up to the 52.5 strike. Currently the position has a loss of 14%.

LVS Bullish Diagonal

I opened a new bullish diagonal in LVS on Monday. LVS moved down quickly so I captured some profit on the short call by rolling from the 42 to the 40 strike on Tuesday. LVS recovered some later in the week but still has an overall loss which is at -3%.