Yet again, Continental Airlines has managed to fall back to the $9 level, most likely as a result of the continued increase in oil prices. This stock has fluctuated quite wildly as of late, moving from 9 to 11 and back to 9 in only two weeks. I decided to buy back the June $11 call that I had sold a week ago, in hope that the stock will rally in the early part of next week and allow me to sell yet another $11 call for this month. The new profit/loss projections are below:
4/14/2009 -- Bought 100 CAL @ 12.225
4/17/2009 -- Sold To Open 1 CAL May $11 Call @ 2.17
5/15/2009 – May $11 Call Expired
5/18/2009 – Sold To Open 1 CAL June $11 Call @ 1.05
6/2/2009 -- Sold To Open 1 CAL June $11 Call @ 0.65
6/12/2009 -- Bought To Close 1 CAL June $11 Call @ 0.10
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $1222.50
Downside Coverage From Current Price (9.09): 3.6%
Possible Max Upside: Unlimited
Annualized Max Upside: Unlimited
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