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BAC - Close Position


Written on February 23, 2009 – 10:46 am | by admin

Today before the market open, I closed my position in Bank of America.  Last month I bought BAC at $6 and sold the $4 strike for $2.28.  Last Friday BAC closed at $3.79 and I wasn’t exercised.  Luckily, the financial sector rallied to open the day and I sold out in the morning for $4.30.  Doing this vastly increased my return to my best return on a single position since I started this in October/November.  

Details:
Buy: 200 @ $6.00 ($7 commission)
Net Investment: $1200.00
Initial Income: $446.50
Other Income: $0
Sold: 200 @ $4.30 ($7 commission) 

Return: $92.50 (12.43%, 308.05% Annual)

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