ETF Covered Calls 09-19-2008

The market isn’t crazy any more, it’s bipolar schizophrenic and deadly. Fortunately, many of my calls got assigned as XHB, SDS and QID are now off my hands and I’m sitting in cash. I’ll post an update this weekend on my positions but I’m glad I’m partially out. The ETF-Cashinator cranked out pretty much every ETF as the ban on short selling makes it a no lose proposition to short any ETF but that’s where things get deadly. The lawsuits will start flying and the ban may abruptly end on October 2nd which may send the markets crashing. Choose your poison.

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2 Responses to ETF Covered Calls 09-19-2008

  1. The Travelin' Man says:

    Let me see if I understand this….my UYG shares were trading for about – what? – 68 cents apiece a couple of days ago, and the fund ended at $21.96 with me holding calls at $22? Man…I guess I would have rather just had the thing called away, and had some cash to play with in the next few weeks. On the other hand, if this is what it is – I guess I will be looking to sell some more $22 calls and reduce cost basis/pocket cash/boost profits (whichever…really).

    Good luck with your DUG. I am long some shares of PWE, so I wish the price of oil would at least stabilize – up, down, whichever? I don’t really understand the beating those shares have taken. They claim that they are able to pay their dividend solidly with oil at $80/barrel. I may take my call-selling profits and pump it into a few more shares here….who knows?

  2. RichSlick says:

    Long term, all energy is a good play, DUG has dropped significantly since I’ve sold my calls a couple of days ago which means I can buy my calls back cheap and pocket the difference.

    Short term though I think we’re not out of the woods yet. I read an interesting thing that all these shenanigans are designed to get us through the election and then whomever is elected will have to clean up the mega mess.

    I do believe once the ban on short selling is lifted that the market will crater badly, I’ll sit in cash and my DUG shorts in the meantime.

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