In order to again attempt to relinquish some of my position in Mack-Cali realty, I am selling a July $22.50 call. Hopefully this results in these 100 shares being called away, but as I have said many times before this stock is still a quality one, so if I am still left with these shares at expiration all would not be lost. The only question mark which exists is if the shares will be called away before July 1st, which is the ex-dividend date. I plan to leave at least half of my position in Mack-Cali uncovered until after the ex-div date to reap at least some of the benefit. The profit/loss info is below:
Various -- Bought 100 Shares of CLI @ 21.18
3/2/2009 -- Sold To Open 1 July $22.50 Call @ 1.2225
3/10/2009 -- Bought To Close 1 July $22.50 Call @ 1
4/1/2009 -- Dividend @ 0.45
4/3/2009 -- Sold To Open 1 May $22.50 Call @ 2.50
5/15/2009 -- May $22.50 Expired
5/18/2009 -- Sold To Open 1 June $25 Call @ 0.95
6/19/2009 -- June $25 Call Expired
6/22/2009 -- Sold To Open 1 July $22.50 Call @ 0.75
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $2118.00
Downside Coverage (based on current price, 21.50): 24.37%
Possible Max Upside: 31.27%
Annualized Max Upside: 82.70%
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