ETF Covered Calls 02-05-2010

Only 14 more days till expiry or 10 trading days depending on how you like to countdown.   With the Dow down so much I did attempt to buy back my DDM calls cheap but the trade expired as my target wasn’t hit.   The main concern with the markets are sovereign defaults of the PIIGS (Portugal, Ireland, Italy, Greece and Spain) and that is one of the main reasons I bought USD call options for March expiry in the event major panic hits and the world runs toward the dollar.   The USD calls were also protection against OIH dropping hard.    I honestly don’t know where we go from here as the ETF-Cashinator is showing high yields on almost any ETF.  It’s crazy!

Here’s the google link.

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2 Responses to ETF Covered Calls 02-05-2010

  1. Fletch says:

    FWIW, I’ve turned back to being bullish and sold my SH position on Friday and think we may have put in a short-term low. I like what I’m seeing both technically and fundamentally. Techinically, there has been almost exactly a 10% move from the top and sentiment has quickly turned bearish. Friday’s reversal also formed a bullish candelstick formation. Fundamentally, earnings have been much better than expected, and S&P earnings are looking like they’ll come in around $70 for the 4th quarter on an annualized basis which would support higher prices. If the concerns over in Europe calm down and the dollar stops spiking higher I think we could see some nice gains in the near future.

  2. Rich says:

    That’s what makes a market doesn’t it? There are many if’s in your scenario…If Europe, if the dollar, if earnings…

    I don’t know what to make of it, all I know for sure (or nearly sure) is that demand for oil will spike up very soon and I’ll continue playing OIH until that money tree stop shaking!

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