SSO - Update Position

Written on January 22, 2009 – 12:44 pm | by admin

Last week I said I was going to scale into a position in SSO until I felt the time was right to turn it into a covered call.  Shortly after I bought my first shares at ~$22, the market rallied and my shares went up 6%.  Since this was in my Zecco account, I didn’t have any commissions and so I sold them.  If anything goes up 6% in that short of a time, I need to take my profits.  Especially since I didn’t trust any rally.  Since I sold them, I put my order to buy 6 shares back in at $22.

Turn the page a few days and on Tuesday I was filled on two orders: 6 @ $22 and 6 @ $21.  Since I was busy at work yesterday, I didn’t see until after the market closed that my position was up over 6% once again.  Had I seen that at 2:45CST, I would have sold out.  (Take the money when the getting is good).  I was kind of glad that I didn’t see it because I thought this would be a multi-day rally, especially once I saw the Apple earnings after the bell.  Well, today everything is down again and I’m holding my position.  As for filling out my 100 shares, I still have my orders in at $20 and below.  I will keep you updated as I manage this position.


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