Sunday, July 24, 2005

4 Iron Condors and a Bull Put

On July 18th 4 positions were initiated....
Iron condors:
GOOG 260/270/350/360 for a $3.10 credit
NUE 40/45/55/60 for a $.95 credit
CME 260/270/340/360 for a $2.70 credit
VLO 70/75/95/100 for a $1.05 credit
Bull Put Spread:
ADBL 15/17.5 for a $.60 credit

Being a novice I didn't pay attention to the fact that this is earnings month. I was really worried when Google released earnings, but so far the stock has stayed around the 300 level. NUE had really good earnings along with the rest of the steel sector so I got hit on that one. Stock jumped up above the $55 level, so I bought back the call side of the iron condor for a debit of $1.30(ouch!)because I think the steel sector has been beaten. I think a lot of investors are going to jump in to this sector on good news. So as long as it does not go below $45 my max loss is goin to be $.35(not too bad)...It's all looking good right now, but I still have 26 days to go. If all goes well I should grow my account 10% this month, even after the hit with Nucor.


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