WNR - Vertical spread (Bull call)

4/26/11

WNR sold off hard today for no real reason. Took this chance to open a vertical using DITM call.
WBT BOT +1 VERTICAL WNR 100 MAY 11 15/21 CALL @2.80
Break-even is 17.8.
The delta of this vertical is .69. So every dollar increase in WNR should give me $69.
Note: May 5 is the date for earnings release.

4/27/11
WNR is taken to the woodshed today.
21 strike call is trading for .05. Closed it for .05. My broker charges no commision on options trading for <= $.05.
So only the Long call is left(15MAY11 call). Will sell another call when WNR rebounds into earnings.

5/09/11
Now that the MAY11 15 call is breakeven, should I be selling a MAY11 18 call or another MAY call to make it a vertical spread??. just leave it as a straight call??
Great comeback for WNR. The crack spreads are awesome(~$34) and the refiners should make plenty of money.

7/14/2011
WBT SOLD -1 VERTICAL WNR 100 JAN 12 20/25 CALL @1.77 ISE ($3.00) $177.00

Profit: $110
Still have the covered call position(with SEP18C).

Banked profits today

Sold half quantity in number of positions today. Had to bank profit. If the market goes up, I still make profit.
If the market goes down, I can claim a moral/monetory victory. ;)
Last year too, I banked profit. But the market ended up going. Lets see what happens this time around.

Sold full position of TIE and FUR. Both did nothing since I bought.

WNR - covered call

Bought a covered call on WNR. In the morning WNR went down quite a bit(< 17).
The APR18C which will expire in few days went down quite a bit too.
I used this call to buy the covered call. The call portion of it, I got it for $.12. 

It did not reduce my cost much, but immediately and hopefully paid my commisions on this trade.
If this call expires I will sell MAY18C on Monday. I think the APR18C will expire.

If WNR shoots past 18 and I get called I will make $85. Lets see.

WBT BOT +1 COVERED WNR 100 APR 11 18 CALL/WNR @17.14 ISE
Commision: $5.00
Cost: $1,714.00

The whole theory behind this trade is the crack spreads. They are very high right now. This is when refiners make most money. WNR is a very good long trade for the next two months.
http://www.bloomberg.com/apps/quote?ticker=CRK321M1:IND

4/19/11
Unfortunately WNR was getting called away. So closed the position manually. With my broker, if a CC is called, the commision is steep($15).
WBT SOLD -1 COVERED WNR 100 APR 11 18 CALL/WNR @17.98 ISE
After commisions made $74. Not bad for a position held for less than a week.

Opened another CC position on WNR on 4/18/11.
WBT BOT +1 COVERED WNR 100 MAY 11 18 CALL/WNR @16.35 ISE
Cost: $1,635.00
Commision: $5
Should have gone for May19 call. But always looking to reduce my cost basis and do CC with ITM options.
If called, I will make a tidy profit for month hold. If call expires, I make $111.

05/04/11
Bought back the MAY11 18 call for 0.05. Looking for a spike in WNR to sell another 18 call(maybe MAY or JUNE).

05/09/11
5/9/11 WBT SOLD -1 WNR 100 MAY 11 18 CALL @.25 CBOE -1.5 25.00

     Expired.

05/23/11
WBT SELL -1 WNR 100 SEP 11 18 CALL @1.10 LMT GTC CBOE
9/19/2011

WBT SOLD -1 WNR 100 OCT 11 16 CALL @1.40 CBOE ($1.50) $140.00

Sold another call. Effectively long 100 shares of WNR at 13.6. with no upside after 16.
9/19: I think WNR will be in sideways action for sometime to come. This is the reason for selling 16C instead of 18C.

XNPT - CoveredCall position

Now that the drug is approved, there will be more upside. There are sizeable milestone payments due. Based on the reports/messages it is valued somewhere around 23.
But I think it may not see $23 very soon. It may take some time. The approved drug will be sold only from June.
 http://www.beaconequity.com/xnpt-on-fire-xenoport-is-back-on-the-wave-of-horizant-approval-2011-04-07/#ixzz1IqdYdZUb

Initiated a covered call position.
WBT BOT +1 COVERED XNPT 100 MAY 11 11 CALL/XNPT @9.545 ISE
If this is called, will make $140 after commissions(14% profit). If not called, it will be 7% profit and then I proceed to sell another call.

Calls in MDVN also look interesting. Need more capital for MDVN, so I settled for XNPT.

4/19/11
Bought back the May 11 call for 0.05.  and sold another call.
WBT SOLD -1 XNPT 100 JUN 11 10 CALL @.30 PHLX (commision $1.5)
This will further reduce my cost.

Will somebody buy this company? Lot of Biotech mergers and aquicitions going on.

WPRT - put sell

SELL -1 WPRT 100 OCT 11 17.5 PUT @.70 LMT GTC AMEX

TZA - Covered Call

BOT +1 COVERED TZA 100 MAY 11 34 CALL/TZA @30.60 ISE
Commision:$5.00
Cost : $3,060.00

Covered Call - Updating my approach

I did/doing CoveredCall or CoveredStock using stocks that are below $10. Eventhough I was picking strong stocks and making approximately 10%, the dollar amount was small.
I am not worried about the commisions. TOS commisions are very affordable when compared to other well know brokers.
Now my aim is to get more dollar amount in the option sold (bcos time premium ofcourse). This means I need to look for stocks with higher sticker price. After much thinking and doing a reality check, I came to conclusion that I can afford only stocks < $45.
One stock which I found was TDSC. This is a fundamentally good stock. There is a very good reason it went from 17 to 45. The May 45 options had very good time premium. But by the time I put some time into the DD, it went from 43 to now 55 (in matter of days).
The reason I am looking for stocks between $20 and 45 with above average Imp. Volatality is the Time Premuim portion. example, TDSC ATM strikes has good extrinsic value.
TDSC has now went out of my buy range.
CRR is another one. awesome Extrinsic values for two months ahead options. But well out of my reach.
Looking at MDVN, ASYS. May options and ATM strikes have decent extrinsic value.