After FAS had quite a run-up since its reverse split, I decided to exit this position in order to free-up some cash to possibly enter new positions. As has been the case with all of my other FAS positions this one again yielded quite fantastic annualized returns. With the new share price of FAS, I am unsure if I will continue to use it in the CCIP, because any position I held would be about 20% of my total portfolio, which is a little to much exposure for me at the moment. I may try employing a new strategy such as a bullish put spread (selling a put 5-10% below the current price, and buying a put 15-20% below the current price). The final profit info is below:
5/21/2009 -- Bought 100 FAS @ 9.045
5/21/2009 -- Sold To Open 1 FAS June $10 Call @ 0.86
5/21/2009 -- Bought To Open 1 FAS June $8 Put @ 1
6/19/2009 -- Covered Call & Put Expired
6/22/2009 -- Sold To Open 1 FAS July $10 Call @ 0.5
6/30/2009 -- Dividend @ 0.01128
7/18/2009 -- Covered Call Expired
7/23/2009 -- Sold 100 FAS @ 9.938
The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $904.50
Final Profit: 15.4%
Annualized Max Upside: 89.5%
No comments:
Post a Comment