Trades for 2010/12/21 (SQNM, X)

[cosmic]

I watch SQNM daily, it's one of my faves to watch.

Bought 6000 shares @ 7.24
Sold 60 Jan 22 7.50 calls @ .36


If SQNM closes below 7.50, I will keep the shares and reduce my basis by .36/share which puts me in at 6.88 (and I'll sell more calls again)

If SQNM closes above 7.50, I will lose the shares but keep the net difference which covers commission with a small profit.

[cosmic]

Just sold my X 57.5 puts for .21 or a little over 10%

[cosmic]

Here's why I sold the X puts... I was watching last sale and noticed 2 similar formations. The first time it happened the price shot up, so I said if I saw a similar formation I'd get out immediately. As soon as it formed I sold, and since then the price has climbed .17.

[maxi]

Thanks for posting these trades cosmic. ( and the SQNM ones)They are helping me understand selling calls....