More VIX and more options

Well, looks like I was right...although a government intervention is the main reason for this recent takeoff. The VIX opened lower yesterday and then went all the way to 42. When news on the governments "good bank/bad bank" came out it came crashing down and ended lower...although still above 30.

I on the other hand had set some sells in well above market prices. Although I feel negative about one of my sells I know it was the right thing to do. I HAD to take something off the table as too many times before I have seen these gains wiped right off the table.

I sold the following:

WBAD (WB JAN 20) for 1.50, bought for .75. I really feel like I should have just scaled out of this...but at the time I set the sell and left to talk to my boss, I didn't know about the govs plan! I left my desk and noticed the market trading around even maybe 30 pts up...I come back and its 400 up! Perhaps selling 5 would have been the way to go as these don't expire until January.

CYJJ (CY OCT 28) I sold 20 of these as I had 40. I had initally bought these for 1.05, and was worried about the possibility of it tanking as it seemed to be moving most of the day away from SPWR move. Note that CY is spinning off their SPWR shares to shareholders, so no longer will we be able to tie the two together at months end. Anyways, I set the sell for .90...so I lost maybe 340. But it just didn't look like it had any legs. I went ahead and bought 20 more for .50 when it was down, so I still have those to drop off. That should be a pretty gain.

Luckily for me, I'll mostly be unwinding my remaining assets (20 CY calls, 5 HPQ calls and 5 FWLT calls). I have 12 month financings due so I may be able to retain 4k, but recently I've been playing with about 7k.

I also still have my AIG cov call I initiated this week... I bought AIG on tuesday (5.06) and sold a SEPT 5 cov call for 1.75!!! This means my break even point is 3.20. Since AIG can't go bankrupt and it's definitely not going to be going up anytime soon, if it doesn't get called away today I'm going to initiate another covered call for OCT on it. My only problem is it is in my Joint account, which I use for daytrading in between bills.