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Doubled up today on my call options BEYOND the MAY calls that I'm still holding. So, therefore, I now am holding:
1) 1200 contracts on GOOG call options between June and Jan2008 across EACH of ALL strike price increments from the 390s thru the 450s. So, still holding 600 of those contracts that were purchased prior to today and mostly when GOOG traded between 401 and 408 after April 12......plus I'm now holding 600 more of those contracts purchased today, Monday, May 1, during the final 30-45 minutes of trading. Therefore, I am doubled down on those calls and, again, that is ONLY on calls BEYOND the MAY options from the JUNE calls all the way out to the JAN2008 calls.
2) Still holding ALL 500 TOTAL (all strikes combined) contracts of those prior mentioned MAY 440, 450, and 460 calls at average of 9.40, 7.30, and 6.50 respectively. I did not add to trhem. I should have exited them, but did not. Obviously, they are down severely as of today's closes...but, so far, only on paper. We'll see what the final story on those will be. Doesn't look too good, obviously. BTW, during the week of April 11 I posted my first recommendation on the May 450 calls to buy at less than 6.00-6.40 as a prior entry....which turned out very well right on through the day after the E/R (where I posted that I took some profits and dumped 30% of my calls, etc) for those of you who took profits.
3) I still hold the 100 put contracts that I have been holding onto at the 380, 390, and 400 strikes for months between MAY and DEC. I could have dumped them during today's trading for an average of about 400% gains, but, for the record, I did not sell any. They are a decent hedge but inadequate....so, I plan on buying more when GOOG spikes up on very decent strength and volume.
4) I added somewhat to my GOOG shares today.
I'm still only playing with about 40% of my total gains that I made from my recent profits on the run-up of GOOG calls when GOOG traded up from the 330s. These are very risky trades (options) and, again, you would only invest money in trades like these that is risk capital.
I believe that call options beyond May from the 390 thru the 450 strikes are VERY, VERY promising. I am very sorry that the May's, thus far, (at least insofar as my more recent recommendations are concerned) are not working out as planned, yet. But, my prior recs for most of the last 20+ months on this board have produced mega gains proven to be extremely worthwhile and, in and of themselves, have put any of you who have traded on all my suggerstions and recs in VERY good shape overall.
One has to trade the market in front of them. NO ONE knows where the next second will take us on that right side of the chaet with 100% accuracy. I've done damn well in trying, though. As any decent, fair, objective, impartial, and well-intentioned mind knows.
Holy cow, man, you are dedicated. I gotta give you credit (again) for putting yourself out there. I like your posts much more when they're specific and not the vague posts you tend to traditionally put out there. I'm sorry you're underwater with a hunk of your calls, but you've got my respect for saying so.
We'll see how this all plays out. I am extremely confident about my share holdings as well as all my options that are beyond May.
To me, this is FAR more a buying opporuity than a short play, although I respect those who did short this thing in the 430s+ this time around. This is a COMPLETELY unwarranted drop. Rather bizarre, actually. But not enough of one to where I am shaken out of any of my shares nor any of my puts....but I probably shouyld have shed at least SOME of my May calls. I am not always right...who is. But, again, we'll see how those land. At this pint, I'm at what I call the point of no return on May calls....wherein they were hit so hard that most my important risk has already been shed (lost) and any further melting down will keep rolling up my puts, etc. And, I have enough time on my side with options beyond May. Plus, I can pull the trigger on my shares, if need be. I have not even written calls or puts for quite awhile nor have I (ever) shorted GOOG.....all additional choices and tools available to me.
Appreciate your intelligence, objectivity, and fair play.
if you read his post correct, he owns close to 2000 contracts! that's 200000 shares! if average price to buy is only $5, that's $1M!
i am amazed that someone with that much to invest spends to much time on this non-sense board!
When you say 1200 contracts, do you really mean 1200 contracts??? Not contracts for 1200 shares, or 12 contracts? :)
At an average of $8000(100 shares X $80)per contract X 1200 would equal 9.6 Million bucks.
Plus, another 500 contracts of May options?
You have got to be full of it!
Your metrics, figurings, and assumptions are a quite bit askew, my friend. It is not that high, monetarily.
But, yes...I mean 1200 contracts (TOTAL) held of GOOG call options of my calls owned PAST the May months. From June thru Jan 2008 inclusive. 600 of those accumulated well PRIOR to today.
Plus my 500 contracts of my infamous May calls (strikes 440, 450, 460 collectively) and 100 contracts of puts (collectively spread out between the 380s, 390s, and 400s from the May thru Dec months inclusively).
I have shared more than enough.
Thanks for your input.
The short answer is ...no. I am VERY bullish on GOOG overall, as everyone knows. Sharee-wise, GOOG is a rather easy play and always has been since my first entry at about 130. Option-wise, yes, it can be risky to very risky, but I have done extremely well on call options and have also done QUITE well on puts (when occasional needed) since October 2004.
I hold positions in many other issues and their options. Not just GOOG. I'm fairly well diversified to my liking.