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Tuesday, June 1, 2010

Position Closing Transactions

With today's overall market sentiment change to Bearish, approximately half of the existing total portfolio value was sold to free up the cash necessary to then establish a 50% short position in the Covered Calls Advisor Portfolio(CCAP). The positions liquidated included Fluor Corp, Gap Inc, InterDigital Inc, Neutral Tandem Inc, Noble Corp, Packaging Corp of America, Perfect World Co Ltd, Potash Corp, ProShares UltraShort 20+ Year Treasury Bond ETF, and Sohu.com Inc.

Detailed results for each of these positions are as follows:

1. Fluor Corporation(FLR) -- Closed
The transactions history to date for Fluor Corp. (FLR) is as follows:
09/22/09 Bought 300 FLR @ $54.93
09/22/09 Sold 3 FLR Oct09 $55.00 Calls @ $1.95
10/17/09 Oct09 Options Expired
The closing price of FLR was $50.24 on expiration Friday.
10/19/09 Sell-to-Open (STO) 3 FLR Nov09 $55.00s @ $.95
The price of FLR was $51.57 today when this transaction was executed.
11/11/09 Buy-to-Close (BTC) 3 FLR Nov09 $55.00s @ $.05
11/11/09 Sell-to-Open (STO) 3 FLR Nov09 $45.00s @ $1.15
Note: Net Credit-Spread upon Roll-Down was $1.10 ($1.15 - $.05)
11/21/09 Nov09 Options Expired
The closing price of FLR was $44.19 on expiration Friday.
12/02/2009 Ex-Dividend $37.50 (.125*300 shares)
12/15/09 Sell-to-Open (STO) 3 FLR Jan2010 $45.00s @ $1.10
Note: The price of FLR was $43.10 today when this transaction was made.
01/16/2010 Jan2010 Options Expired
03/03/2010 Ex-Dividend $37.50 (.125*300 shares)
03/03/2010 Sell-to-Open (STO) 3 FLR Mar2010 $45.00s @ $.35
Note: Price of FLR was $43.26 when the Mar2010 options were sold.
03/17/2010 Buy-to-Close (BTC) 3 FLR Mar2010 $45.00s @ $1.35
03/17/2010 Sell-to-Open (STO) 3 FLR Apr2010 $45.00s @ $2.15
Note: Price of FLR was $46.26 when the Apr2010 credit-spread transaction occurred.
04/15/2010 Buy-to-Close (BTC) 3 FLR Apr2010 $45.00s @ $6.40
04/15/2010 Sell-to-Open (STO) 3 FLR May2010 $50.00s @ $2.85
Note: Price of FLR was $51.39 when the debit-spread transaction occurred.
5/22/2010 May2010 Options Expired
Note: The closing price of FLR was $45.79 on expiration Friday
06/01/2010 Sold 300 FLR @ $46.00

The overall performance results(including commissions) for the FLR transactions are as follows:
Stock Purchase Cost: $16,487.95
($54.93*300+$8.95 commission)

Net Profit:
(a) Options Income: +$731.60
= (300*($1.95+$.95-$.05+$1.15+$1.10+$.35-$1.35+$2.15-$6.40+$2.85) - 7*$11.20 commissions)
(b) Dividend Income: +$75.00 =($.125*2)*300 shares
(c) Capital Appreciation (Stock sold at $46.00): -$2,687.95
= ($46.00-$54.93)*300 - $8.95 commissions

Total Net Profit: -$298.55
= (+$731.60 +$75.00 -$2,687.95)

Absolute Return (Stock sold at $46.00): -11.4%
= -$1,881.35/$16,487.95
Annualized Return: -16.5%
= (-$1,881.35/$16,487.95)*(365/252 days)

2. Gap Inc.(GPS) -- Closed
The transactions history to date for Gap Inc. (GPS) is as follows:
02/22/2010 Bought 300 GPS @ $19.76
02/22/2010 Sold 3 GPS Mar2010 $20.00 Calls @ $.60
Roll-Up-and-Out Transaction:
03/12/2010 Buy-to-Close (BTC) 3 GPS Mar2010 $20.00s @ $2.80
03/12/2010 Sell-to-Open (STO) 3 GPS Apr2010 $23.00s @ $.55
Note: The price of GPS was $22.76 today when this debit-spread was transacted and the remaining time value in the Mar2010 options was only $.04 [$2.80-($22.76-$20.00)].
04/05/2010 Ex-Dividend = $30.00 (300 shares*$.10)
04/15/2010 Buy-to-Close (BTC) 3 GPS Apr2010 $23.00s @ $2.30
04/15/2010 Sell-to-Open (STO) 3 GPS May2010 $25.00s @ $1.00
Note: Price of GPS was $25.26 when the debit-spread transaction occurred.
5/22/2010 May2010 Options Expired
Note: The closing price of GPS was $22.15 on expiration Friday
06/01/2010 Sold 300 GPS @ $21.58

The overall performance results(including commissions) for the GPS transactions are as follows:
Stock Purchase Cost: $5,936.95
= ($19.76*300+$8.95 commission)

Net Profit:
(a) Options Income: -$918.60
= (300*($.60-$2.80+$.55-$2.30+$1.00) - 3*$11.20 commissions)
(b) Dividend Income: +$30.00 =(300 shares*$.10)
(c) Capital Appreciation (Stock sold at $21.58): +$537.05
= ($21.58-$19.76)*300 - $8.95 commissions

Total Net Profit(Stock sold at $21.58): -$351.55
= (-$918.60 +$30.00 +$537.05)

Absolute Return (Stock sold at $21.58): -5.9%
= -$351.55/$5,936.95
Annualized Return If Exercised (ARIE) -21.8%
= (-$351.55/$5,936.95)*(365/99 days)

3. InterDigital Inc.(IDCC) -- Closed
The transactions history to date for Interdigital Inc.(IDCC) is as follows:
03/25/2010 Bought 200 IDCC @ $28.03
03/25/2010 Sold 2 IDCC Apr2010 $29.00 Calls @ $.50
04/16/2010 Buy-to-Close (BTC) 2 IDCC Apr2010 $29.00s @ $.50
04/16/2010 Sell-to-Open (STO) 2 IDCC May2010 $31.00s @ $.65
Note: The price of IDCC was $29.44 today when this credit-spread was transacted.
5/22/2010 May2010 Options Expired
Note: The closing price of IDCC was $25.59 on expiration Friday
06/01/2010 Sold 200 IDCC @ $25.84

The overall performance results(including commissions) for the IDCC transactions are as follows:
Stock Purchase Cost: $5,614.95
= ($28.03*200+$8.95 commission)

Net Profit:
(a) Options Income: +$109.10
= (200*($.50-$.50+$.65 - 2*$10.45 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $25.84): -$446.95
= ($25.84-$28.03)*200 - $8.95 commissions

Total Net Profit (Stock sold at $25.84): -$337.85
= (+$109.10 +$0.00 -$446.95)

Absolute Return (Stock sold at $25.84): -6.0%
= -$337.85/$5,614.95
Annualized Return: -32.3%
= (-$337.85/$5,614.95)*(365/68 days)

4. Neutral Tandem Inc.(TNDM) -- Closed
The transactions history to date for Neutral Tandem Inc.(TNDM) is as follows:
02/26/2010 Bought 200 TNDM @ $15.86
02/26/2010 Sold 2 TNDM Apr2010 $17.50 Calls @ $.40
04/17/2010 Apr2010 Options Expired
04/23/2010 Sell-to-Open (STO) 2 TNDM May2010 $17.50s @ $.55
Note: Price of TNDM was $16.95 when the May2010 options were sold.
5/22/2010 May2010 Options Expired
Note: The closing price of TNDM was $13.73 on expiration Friday
06/01/2010 Sold 200 TNDM @ $13.31

The overall performance results (including commissions) for the TNDM transactions are as follows:
Stock Purchase Cost: $3,160.95
= ($15.76*200+$8.95 commission)

Net Profit:
(a) Options Income: +$169.10
= (200*($.40+$.55) - 2*$10.45 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $13.31): -$498.95
= ($13.31-$15.76)*200 - $8.95 commissions

Total Net Profit(Stock sold at $13.31): -$329.85
= (+$169.10 +$0.00 -$498.95)

Absolute Return (Stock sold at $13.31): -10.4%
= -$329.85/$3,160.95
Annualized Return If Exercised (ARIE): -40.1%
= (-$329.85/$3,160.95)*(365/95 days)

5. Noble Corp (NE) -- Closed
The transactions history to date for Noble Corp (NE) is as follows:
09/02/09 Bought 300 NE @ $33.98
09/02/09 Sold 3 NE Sep09 $34.00 Calls @ $1.30
Roll-Up-and-Out Transaction:
09/17/09 Buy-to-Close (BTC) 3 NE Sep09 $34.00s @ $5.22
09/17/09 Sell-to-Open (STO) 3 NE Oct09 $36.00s @ $3.87
Note: The price of NE was $39.19 today when this debit-spread was transacted and the remaining time value in the Sep09 option was only $.03 [$5.22-($39.19-$34.00)].
Roll-Up-and-Out Transaction:
10/16/09 Buy-to-Close (BTC) 3 NE Oct09 $36.00s @ $5.60
10/16/09 Sell-to-Open (STO) 3 NE Nov09 $42.00s @ $1.75
Note: The price of NE was $41.56 today when this transaction occurred.
11/05/09 Ex-Dividend = $14.70 (300 shares*$.049)
11/21/09 Nov09 Options Expired
11/23/09 Sell-to-Open (STO) 3 NE Dec09 $42.00s @ $1.45
Note: Price of NE was $41.30 when the Dec09 options were sold.
12/19/09 Dec09 Options Expired
12/21/09 Sell-to-Open (STO) 3 NE Jan2010 $43.00s @ $.90
Note: Price of NE was $41.75 when the Jan2010 options were sold.
01/15/2010 Buy-to-Close (BTC) 3 NE Jan2010 $43.00s @ $.70
01/15/2010 Sell-to-Open (STO) 3 NE Feb2010 $45.00s @ $1.30
Note: Price of NE was $43.67 when the Feb2010 options were sold.
02/20/2010 Feb2010 Options Expired
03/01/2010 Sold 3 NE Mar2010 $44.00 Calls @ $.60
Note: The price of NE was $42.84 today when these Mar2010 options were sold.
03/20/2010 Mar2010 Options Expired
03/24/2010 Bought 300 NE @ $40.08
03/24/2010 Sold 3 NE Apr2010 $41.00 Calls @ $.80
03/29/2010 Sell-to-Open (STO) 3 NE Apr2010 $42.00s @ $.45
Note: Price of NE was $40.44 when the Apr2010 options were sold.
04/17/2010 Apr2010 Options Expired
04/21/2010 Sell-to-Open (STO) 6 NE May2010 $43.00s @ $1.00
Note: Price of NE was $42.15 when the May2010 options were sold.
5/22/2010 May2010 Options Expired
Note: The closing price of NE was $32.42 on expiration Friday
06/01/2010 Sold 300 NE @ $27.84

The overall performance results (including commissions) for this NE covered calls position are as follows:
Stock Purchase Cost: $22,235.90
($33.98*300+$40.08*300+2*$8.95 commission)

Net Profit:
(a) Options Income: +$746.80
= (300*($1.30-$5.22+$3.87-$5.60+$1.75+$1.45+$.90-$.70+$1.30+$.60+$.45+$1.00)+300*($.80+$1.00) - 11*$11.20 commissions)
(b) Dividend Income: +$14.70 ($.049 *300 shares)
(c) Capital Appreciation (Stock sold at $27.84): -$5,519.90
= ($27.84-$33.98)*300+($27.84-$40.04)*300 - 2*$8.95 commissions

Total Net Profit(Stock sold at $27.84): -$4,758.40
= (+$746.80 +$14.70 -$5,519.90)

Absolute Return (Stock sold at $27.84): -21.4%
= -$4,758.40/$22,235.90
Annualized Return: -28.7%
= (-$4,758.40/$22,235.90)*(365/272 days)

6. Packaging Corporation of America (PKG) -- Closed
The transactions history to date for Packaging Corporation of America (PKG) is as follows:
04/19/2010 Bought 300 PKG @ $25.06
04/19/2010 Sold 3 PKG May2010 $25.00 Calls @ $1.05
5/22/2010 May2010 Options Expired
Note: The closing price of PKG was $21.41 on expiration Friday
06/01/2010 Sold 300 PKG @ $21.81

The overall performance results(including commissions) for the PKG transactions are as follows:
Stock Purchase Cost: $7,526.95
= ($25.06*300+$8.95 commission)

Net Profit:
(a) Options Income: +$303.80
= (300*$1.05 - $11.20 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $21.81): -$983.95
= ($21.81-$25.06)*300 - $8.95 commissions

Total Net Profit(Stock sold at $21.81): -$680.15
= (+$303.80 +$0.00 -$983.95)

Absolute Return (Stock sold at $21.81): -9.0%
= -$680.15/$7,526.95
Annualized Return: -76.7%
= (-$680.15/$7,526.95)*(365/43 days)

7. Perfect World Co. Ltd.(PWRD) -- Closed
The transactions history to date for Perfect World Co. Ltd.(PWRD) is as follows:
04/28/2010 Bought 400 PWRD @ $34.75
04/28/2010 Sold 4 PWRD May2010 $35.00 Call Options @ $1.55
5/22/2010 May2010 Options Expired
Note: The closing price of PWRD was $25.72 on expiration Friday
06/01/2010 Sold 400 PWRD @ $26.27

The overall performance results(including commissions) for the PWRD transactions are as follows:
Stock Purchase Cost: $13,908.95
= ($34.75*400+$8.95 commission)

Net Profit:
(a) Options Income: +$608.05
= (400*$1.55 - $11.95 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $26.27): -$3,400.95
= ($26.27-$34.75)*400 - $8.95 commissions

Total Net Profit(Stock sold at $26.27): -$2,792.90
= (+$608.05 +$0.00 -$3,400.95)

Absolute Return if Exercised at $35.00: -20.1%
= -$2,792.90/$13,908.95
Annualized Return: -215.6%
= (-$2,792.90/$13,908.95)*(365/34 days)

8. Potash Corp of Saskatchewan Inc.(POT) -- Closed
The transactions history to date for Potash Corp of Saskatchewan Inc.(POT) is as follows:
04/16/2010 Bought 100 POT @ $109.86
04/16/2010 Sold 1 POT May2010 $115.00 Call Option @ $3.03
5/22/2010 May2010 Options Expired
Note: The closing price of POT was $97.61 on expiration Friday
06/01/2010 Sold 100 POT @ $98.61

The overall performance results(including commissions) for the POT transactions are as follows:
Stock Purchase Cost: $10,977.05
= ($109.86*100+$8.95 commission)

Net Profit:
(a) Options Income: +$293.30
= (100*$3.03 - $9.70 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $98.61): -$1,133.95
= ($98.61-$109.86)*100 - $8.95 commissions

Total Net Profit(Stock sold at $98.61): -$840.65
= (+$293.30 +$0.00 -$1,133.95)

Absolute Return (Stock sold at $98.61): -7.7%
= -$840.65/$10,977.05
Annualized Return: -60.8%
= (-$840.65/$10,977.05)*(365/46 days)

9. ProShares UltraShort 20+ Year Treasury Bond ETF (TBT) -- Closed
The transactions history to date for ProShares UltraShort 20+ Year Treasury Bond ETF (TBT) is as follows:
03/22/2010 Bought 300 TBT @ $46.81
03/22/2010 Sold 3 TBT Apr2010 $48.00 Calls @ $.45
04/17/2010 3 Apr2010 TBT Options Expired
Note: Price of TBT was $47.70 upon Apr2010 expiration.
04/22/2010 Buy 300 TBT @ $46.63
04/22/2010 Sell-to-Open (STO) 6 TBT May2010 $49.00s @ $.43
5/22/2010 May2010 Options Expired
Note: The closing price of TBT was $38.75 on expiration Friday
06/01/2010 Sold 300 TBT @ $39.32

The overall performance results (including commissions) for the TBT transactions are as follows:
Stock Purchase Cost: $28,049.90
= ($46.81*300+$46.63*300+2*$8.95 commission)

Net Profit:
(a) Options Income: +$368.35
= (300*$.45 + $600*$.43 -$11.20 commissions -$13.45 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (TBT sold at $39.32): -$4,457.90
= ($39.32-$46.81)*300 + ($39.32-$46.63)*300 - 2*$8.95 commissions

Total Net Profit(TBT sold at $39.32): -$4,089.55
= (+$368.35 +$0.00 -$4,457.90)

Absolute Return (TBT sold at $39.32): -14.6%
= -$4,089.55/$28,049.90
Annualized Return: -75.0%
= (-$4,089.55/$28,049.90)*(365/71 days)

10. Sohu.com Inc.(SOHU) -- Closed
The transactions history to date for Sohu.com Inc.(SOHU) is as follows:
10/16/09 Bought 200 SOHU @ $64.05
10/16/09 Sold 2 SOHU Nov09 $65.00 Calls @ $3.50
11/21/09 Nov09 Options Expired
11/23/09 Sell-to-Open (STO) 2 SOHU Dec09 $60.00s @ $.75
Note: Price of SOHU was $55.10 when the Dec09 options were sold.
12/19/09 Dec09 Options Expired
12/28/09 Sell-to-Open (STO) 2 SOHU Jan2010 $60.00s @ $.85
Note: Price of SOHU was $57.52 when the Jan2010 options were sold.
01/16/2010 Jan2010 Options Expired
01/19/2010 Sell-to-Open (STO) 2 SOHU Feb2010 $60.00s @ $3.10
Note: Price of SOHU was $60.37 when the Feb2010 options were sold.
02/20/2010 Feb2010 Options Expired
03/03/2010 Sell-to-Open (STO) 2 SOHU Apr2010 $55.00s @ $1.05
Note: Price of SOHU was $51.37 when the Apr2010 options were sold.
04/17/2010 Apr2010 Options Expired
04/23/2010 Sell-to-Open (STO) 2 SOHU May2010 $55.00s @ $1.45
Note: Price of SOHU was $52.10 when the May2010 options were sold.
5/22/2010 May2010 Options Expired
Note: The closing price of SOHU was $43.20 on expiration Friday
06/01/2010 Sold 200 SOHU @ $44.16

The overall performance results (including commissions) for the SOHU transactions are as follows:
Stock Purchase Cost: $12,818.95
= ($64.05*200+$8.95 commission)

Net Profit:
(a) Options Income: +$2,077.30
= (200*($3.50+$.75+$.85+$3.10+$1.05+$1.45) - 6*$10.45 commissions)
(b) Dividend Income: +$0.00
(c) Capital Appreciation (Stock sold at $44.16): -$3,986.95
= ($44.16-$64.05)*200 - $8.95 commissions

Total Net Profit(Stock sold at $44.16): -$1,909.65
= (+$2,077.30 +$0.00 -$3,986.95)

Absolute Return (Stock sold at $44.16): -14.9%
= -$1,909.65/$12,818.95
Annualized Return: -23.8%
= (-$1,909.65/$12,818.95)*(365/228 days)

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