Today I decided to open another position in UNG, an etf that "tracks" the price of natural gas. I decided that I wanted a longer position in the ETF than the June Covered call I currently have in my portfolio. See my previous post for purchase rationalization. The performance metrics are below:
6/10/2009 -- Bought 100 UNG @ 14.50
6/10/2009 -- Sold To Open 1 UNG July $15 Call @ 0.97
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $1353.00
Downside Coverage: 6.69%
Possible Max Upside: 10.5%
Annualized Max Upside: 103.53%
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