Xion: You may not have to wait until Friday for EPD to hit $55, it's already touched it earlier today (Weds) and as I type it#$%$ $55.00 again :)
Add me to the list of those who have been planning (for a while) to essentially get out of the market by end of October and sit out potential post-election sell-offs. My ITM AAPL call spreads & OTM AAPL naked puts expire Friday. I will exit my EPD Calls later next week.
Based on Nov election results I may sell and immediately re-acquire a very profitable long-term holding, taking the hit now on the gains while taxes are lower, and then re-buying the position in a tax-advantaged account to protect future gains.
Good luck everyone! Let's hope the overall market stays positive (or even neutral) and gives EPD fertile grounds to grow its PPS further as ex-div approaches :)
Hi Turbofever, I have sold 1,075 of my EPD November12 $52.50 Calls today, when EPD hit $55. The market makers were giving me a hard time and I was forced to sell them between 2.40 - 2.50. I'm still holding a remaining 1,250 EPD November12 $52.50 Calls, I plan to sell them for 3.00 if EPD hits $55.50 by Friday, if not, I can live with selling them for $2.75 if EPD reaches $55.25 by Friday. My cost basis on all of my EPD calls was 1.77 each when I bought them. I sold my ETP calls a week ago for a nice profit. I took a $21k loss on CQP, I had to cut my losses on that one and moved on, I'm glad I got out of there alive. I wish everyone good luck : ) I can't wait to join the AGNC bandwagon again in the last week of November 2012, I plan to return to the mighty USS AGNC between November 20-23 when the December calls have lost most of their value and ride the December AGNC dividend run up with you guys to victory and I hope we will all have a very Merry Christmas together = ) My best wishes to all of you, I'm almost there...thanks to all of you guys = )
Xion: Awesome, that is (and will be) some serious cash.
Re: CQP, fortunately that is a minor loss in the scheme of the money you're making on the successful trades. My fingers are crossed for those still in CQP (I only went in on EPD as far as the CQP/ETP/PAA/EPD/etc! MLP plays).
I tried selling around 30% of my EPD position today when the stock made its last run to $55, but I was not getting the bid I wanted for my Dec 50's, and this was a position within my Roth so my choices were limited... The stock ended up retreating quickly & I wasn't going to chase it down. Hopefully that doesn't prove to be a mistake! I am guessing there will be a better opportunity in the coming days and hopefully EPD can break above $55.00.