The cash-secured put position in Hewlett-Packard was closed out today after a large increase in the stock above $37. I thought it best to take profits here, and hope for a bit of a pullback to around the $36 level, where I would sell the $35 put again either for June or July. I still believe HP to be a good long term investment. The performance metrics are below:
5/27/2009 -- Sold To Open 1 HPQ June $35 Put @ 1.20
6/6/2009 -- Bought To Close 1 HPQ June $35 Put @ 0.30
Put Sale Profit: $90.00
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