15.80 (+0.45)

02/11/2010 – ThetaOptions Margin Portfolio – Adjusting Short Callers

So far, UAUA continues to RUN on us.  We missed our morning short cover by 0.04 cents, that would have gave us $200 profit but now we’re down 0.30 cents on the shares.  At this time the (MP) has decided to double down & adjust the naked callers while the prem is still high.

Filled Order: (Note the different times)

SOLD -10 UAUA 100 FEB 10 16 CALL @.50 credit. (1st order)

BOT +5 UAUA 100 FEB 10 15 CALL @1.00 debit. (2nd order)

Position: A delta of -1300…with $9500 in margin!

Position: Here’s the position data after we bought back the 15 callers for $1

Trade Note:

So we double down by selling (10) FEB 16 calls for 0.50; then we bought back the 15 Calls for $1.Its an even move, but increase our RISK.

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