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Today’s Transactions:
Opened a position in DRYS averaged at $90.16 Stop-loss if the stock is closed below $75
Reason: This is an old friend. Recently the stock has dropped sharply due to weakness in the futures market and it seems the selling pressure was over and the futures market is stabilized. The valuation of the stock still looks attractive.
Added more SOHU averaged at $58.46
Shorted more SOHU Jan 08 50 Call at $11.00
Reason: This covered trade aims to get the premium embedded in the option price, which I believe is a better way than simply holding cash. As long as the stock is closed above $50 before the OE day in January, there is around $2.50 premium to earn ( $50 + $11 – $58.46 ), which represents more than 40% annual return rate ( 2.5/(58.46-11) then annualize )
Today’s Return: 0.25%
Return since inception(June 05, 2007): 131.71%
S&P 500 Return since June 05, 2007: -4.51%
My positions:
PG
UTSI Jan 09 10 Call
GOOG Dec 07 400 Call
SOHU
GOOG Mar 08 500 Call
WB
DRYS
CX Jan 08 40 put
ITRI Jan 08 100 put
UPL Jan 08 80 put
PCU Jan 08 155 put
ACH Feb 08 80 put
Short SOHU 08 50 Call
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