I decided to close out one of my puts that I had a nice gain on. This also freed up a little bit of cash in the event that the 2 PAAS puts gets assigned this month. It looks very likely that will happen.
I originally sold a put in COP back in April. COP is a stock I currently own and still like the fundaments of. I would have had no problem if these shares were assigned to me. However, I needed to free up some cash and decided to take advantage of the price move upwards COP has had.
The trades:
07/08/13 BTC 1 COP Nov 16 '13 $55 Put @ .78
04/25/13 Sold 1 COP Nov 16 '13 $55 Put @ 2.52
I earned a profit of $174 in a little over two months.
I currently have 14 open options positions and a total options profit of $2968 for 2013 and am really close to my goal of $3000 for the year. My options income still continues to outpace my dividend income but I believe that my dividend income will catch up to and pass my options income in the third quarter.
My options page has been updated accordingly.
That's a nice 3%+ profit in just over 2 months. My option income will probably slow down the second half but it's definitely something I'm going to continue to use when the right situation presents itself.
ReplyDeleteKeep up the good work!
Hey PIP,
DeleteYeah I did very well with this one. I may close out the LO one also just like you did if I need to free more cash. I'll also probably see a slowdown in the amount of puts I'm selling due to the markets not going higher like we've seen the last two years which may cause me to start getting shares assigned.
Take care