The last time I looked in the mirror, I wasn't a red headed step child - but I sure am taking a beating like one. I got out from underneath SIRI today for a nice loss. I bought in at 3.00 after the DOJ approved the merge - and rode the wave down to 2.50 where I said I had enough. I am still 
looking for a 20% jump if and when the FCC approves the merge - assuming both companies don't go bankrupt before then. ETFC is continuing with its trend of strong resistance around 4.30 and strong support around 3.70 which has made for some nice profits that have been destroyed by the devil that is SIRI. I think I am ready to write a CC for a stock I have 100 shares of - CSE. I don't have any intention of selling, and I would like to try my hand at options. Do either of you two know how to write CC's in Etrade? Jeremy - I agree about SNDK - it definately looks to be in a bullish trend. One think about these stocks we're looking at right now is it is hard for any stock to maintain strong bulls when you're fighting the entire market which has had a rough week. Greener pastures ahead.
looking for a 20% jump if and when the FCC approves the merge - assuming both companies don't go bankrupt before then. ETFC is continuing with its trend of strong resistance around 4.30 and strong support around 3.70 which has made for some nice profits that have been destroyed by the devil that is SIRI. I think I am ready to write a CC for a stock I have 100 shares of - CSE. I don't have any intention of selling, and I would like to try my hand at options. Do either of you two know how to write CC's in Etrade? Jeremy - I agree about SNDK - it definately looks to be in a bullish trend. One think about these stocks we're looking at right now is it is hard for any stock to maintain strong bulls when you're fighting the entire market which has had a rough week. Greener pastures ahead.
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Your last statement is exactly why I came up with rule #1 - never trade against the market. JW and I are also down substantially on an AAPL call because the market tanked yesterday. I think we'll see it turn (which I'll post about later) but, I'm also worried that I'm looking at it the way I want it to work and not with good technicals. The sad part is I saw the sell signals at the beginning of the week, but ignored them. The only comfort I can give you when you loose (like us!) is that it's an opportunity to note what happened and learn from the mistake.
As for your CC's I think it's a great idea, but you may want to consider consolidating some of your positions so you can sell multiple contracts (ETFC is actually a great potential here.) The reason being, you will pay a commission to sell the call (if it's like OptionsXpress, it'll be around $15 for the first 20 contracts.) If you're only bringing in $25 (which is the first May call out of the money on CSE) -- you're only profiting $10. However, if you can sell multiple contracts, the % cost of your commission will go down exponentially... example: $15 com. on $100 sale (4 contracts).
JW should know how to do the CC's in eTrade -- I believe he had an account with them (or may even still have it.)
Keep your head up -- we've all had those bad weeks.
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