2/25/2011 FCX $52.36 on 5 to 4 ratio
Buy to Open the May 47.5 calls for $7.00
Sell to Open the March 55 Calls for $1.01
3/7/2011 FCX @$50.65
FCX@$50.65 buy back 4 March 55 calls for $0.24 to close. Sell 4 April 55 Calls at $1.06 to open.
3/10/2011 FCX@$47.00
FCX Modification
Buy to Close (4) April 55 Calls $0.48
Sell to Close (3) April 50 Calls $1.50
With the April 55 calls we only had $200 of premium vs our long May calls.
By rolling down we have added another $150 of premium. This still gives us potential for the upside, but allows us to get a little more defensive.
3/17/2011 FCX@ $51.93
FCX Modification
FCX@ $51.93, sell 2 April 55 Calls to Open for $1.25.
3/22/2011
FCX@$51.50
We are getting a little defensive here in FCX. It is a volatile market.
Buy back to Close 2 April 55 calls for $0.72…This is roughly a profit of $0.53 on this 2 lot.
Sell to Open 1 April 50 call at $2.93.
This reduces our total short options against our longs, but it also increases the premium we have against the long.
3/31/2011
FCX@$55.75
We are selling to open 1 April 55 Call at $1.97, this will put us “1 to 1” in ratio, 5 vs. 5.
We have the long anchor calls in the May 47.5 calls that we have sold 4 options against in April. Now with the stock up, we are going to sell one more to even the ratio.
If the stock continues to run or fall, we should make a little bit of profit with this extra premium.
4/12/2011
FCX@$54.20
We are buying back the FCX Short April 55 call for $0.59.
We are selling to open 1 May 57 call for $1.61.
Basically we are rolling up and out for small profit on this pullback in the stock.
4/13/2011
FCX@$52.10
FCX is pulling off here so we are buying back 1 of the short calls that we sold.
Buy to close Apr 50 calls for $2.4. This is a profit of $0.53.
We are not going to replace this short option at this time. if you want some extra protection then you can sell something in May like the 52s, 52.5s or 55s.
4/15/2011
FCX@$51.30
We are rolling the short calls in FCX.
Buy to Close (3) April 50 Calls for $1.33.
Sell to Open 4 of the May $52.5 for $2.10.
This gives us a small profit on the April roll. This turns this trade into a vertical. WE had the short 1 May 57 call already against the long May 47.5 Calls.
We may want to roll that down for some more protection and lock in quick profit on that option.
4/25/2011
FCX@$55.75
Closing FCX @$55.75
Selling (5) to close the FCX May 47.5 Calls $8.4
Buy (4) to close the FCX May 52.5 Calls $4.05
Buy (1) to Close the FCX May 57 Calls for $1.3
This is profit of $839.
