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Friday, June 22, 2007

Jun 22 Trades Update

I wanted to buy back one of my N225 Aug 20000 call which I bought for 30 pts this week for 15 pts while the Japan market was down today but did not get filled. The Nikkei 225 index ended some 51 pts down. The current US market is down as we speak & appears that it will end the day on a negative note. If so, we shall see if Asian markets follows as well on Monday. I am looking to square off the N225 Aug 20000 calls since there is still quite alot of time left before expiration & I may possibly get to sell this option again from now till expiration with reasonable premiums given the volatility of todays market conditions. I will likey leave the N225 Jul 195000 calls alone(3 more weeks to expiration). All Jul ER2 calls & puts positions are far OTM & am planning to sit tight on those & let them expire worthless. At the rate ACH is going, it looks like the covered call positions will get called out & certainly no complains here.

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