Summary:
Finished down 0.5% on the day but up 2.4% for the week. Miners were mixed, Japan down slightly despite gains in the Nikkei last night.
My one trade was to sell a May 15 covered call on AUY. If on May 19th the price of AUY is above 15, my shares will be purchased for 15. So I gained the .75 premium for which I sold the calls, and I lose any appreciation above 15. This offers some risk mitigation, in that if the price of AUY falls I at least get to keep the premium, but not as much as a put. With a put, your downside is stricly limited, as is your upside. You pay for the privilege. If you’re expecting extreme volatility, puts are better. If you’re not sure but want to take a little money off the table, you can sell a call.
Positions:
Long: JEQ JSC LMC AUY SLW NTO NXG HBMFF ALSWF JAGNF FFHL EGLE AOB XSI KF UAHC NTLRF TNH LMGGF NM NLY MDN.TO
Short: BKC
Options: AUY May 15 call
Cash: 12.1%
Trades: sold May 15 AUY call@.75
Read:
Stocks Researched:
Hours spent on market: 0.5
Positions most worried about:
Positions most sanguine about: Japan
Biggest market worries: fairly sanguine in the short term
Thinking about: ?
Outlook ( up-flat-down surety rating: 1-5 reasoning):
US: ??
Tech: ??
Japan: up, 1.0; strong GDP, but weak international markets
China: ??
Silver: ??
Gold: ??
Copper: ??
Zinc: ??
Real life: Recovering from studies.
Previous night sleep and exercise: 7 hrs. No exercise.
Mood: Tired and still sick. Calm.
