Tuesday, April 21, 2009

Initial Transaction - Direxion Financial Bull 3x (FAS)

Another position in Direxion Financial Bull 3x Shares was established on April 9, 2009. This is the fourth covered call position established for May expiration. This ETF returns 300% of the Russell 1000 Financial services index.

4/21/2009 -- Bought 100 FAS @ 6.445
4/21/2009 -- Sold To Open 1 FAS May $5 Call @ 1.95


The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $644.50


Downside Coverage: 30.2%
Possible Max Upside: 10.12%

Annualized Max Upside: 142.1%

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