Weekly Update 10/29/10

This was a good week of trading with my account values up 6% on the week. I opened new PCCRCs in SOHU and COH and made several adjustment to the diagonal trades.

RVBD PCCRC

On Monday I captured some delta profits on RVBD by rolling 2 of the long calls from the 55 to 60 strike. RVBD ended up higher on the week closing at 57.59. Overall profit on the position stands at 19% despite a 4% loss today.

COH PCCRC

COH appeared on the screener Tuesday and I opened a new PCCRC at the 50 strike. COH closed dead on 50 today and despite IV dropping a lot the position currently is showing a 4% profit.

SOHU PCCRC

I also opened a PCCRC in SOHU on Tuesday. It reported earnings on Monday but did not show up on the screener because average volume is a little less than 1M. The parameters still looked good on Tuesday so I opened a new position at the 75 strike. The stock is down about 1/2 point from when I made the trade but there is still a 2% profit.

NOV Bullish Diagonal

NOV reported earnings on Tuesday and the stock jumped 4 points. I rolled the longs up and out to the Feb 47 strike and I also rolled the shorts up and out to Dec 55. On Wednesday I uncovered the long call by buying back the short after 2 up days in NOV. NOV closed the week at 53.76 and current overall profit is 84%.

FCX Bullish Diagonal

On Tuesday I uncovered the long on FCX after 2 up days. It has went down 3+ points since then and now profit stands at 2%.

XLE Bullish Diagonal

XLE dropped on Wednesday and Thursday so I sold two calls to cover the 2 longs. Since there was not an option with the delta I was looking for, I sold 2 different strikes, the 60 and 61. XLE moved up slightly today to 59.24 and profit on the position stands at 19%.

PNC Bearish Diagonal

PNC has been more bullish than bearish lately, but it did go down on Wednesday and Thursday so I bought back the short. PNC was back up again today and closed at 53.90. There is a loss overall on the position of 8%.

LVS Bullish Diagonal

LVS reported earnings Wednesday night and gapped higher Thursday. I rolled the longs up and out to Mar 40 while adding a contract and uncovered the longs by buying back the shorts after the 2 up days. LVS ended the week at 45.88 and shows a profit of 43%.