"I say whatever it does Friday, next week we see under $90 a some time."
You were right but it did take a major selloff in the market to bring DECK down.
My first set of 90 call options to expire is tomorrow. DECK is currently priced at 88.69/share.
Wow, I'm still short a few but they're well out of the money.
Buy "LO" for a good place to park your cash while you wait for a correction in the market.
I'm still long with an average option adjusted cost of about 35 and I'll continue to sell options against it until I'm out hopefully at a small profit.
I'm only interested in very defensive oriented companies and raising additional cash for a long overdue correction which in my opinion has already started.
In other news-Berkshire reports earnings Friday after the close.
"Twitter reported earnings of two cents per share. The earnings beat analysts' estimates of a loss of a penny a share, as polled by FactSet"
Another 12 years and it may have earned a dollar.
I bought more today in IRA #1 using cash from an option that expired Friday. I have more cash becoming available again this Friday so I'll be buying more if it's under 61 next week.
In my opinion the market is in for a long awaited correction but I'm willing to buy more LO because of the cash component of the merger with RAI.
"Berkshire Hathaway Inc. reports quarterly financial results after the market closes." Aug 1st, Friday
I sold some LO before there was a deal announced and at higher prices. Today I'm buying it because I like returns being offered and I also want the RAI shares I'll receive.
In IRA #3, I increased my position in LO by 50% to 3.7% of the assets in this account. It's now only 30% cash with about 45% of that cash available for investment next month when August options expire.
Also bought a 10 year CD that yields only 3.3% in IRA #2 raising the fixed assets in this account to 4.25% but this figure excluded convertible preferred stock which would add another 2.1% to the total.
Yes, I bought more here but sold call options against those new shares. Cost about 9.6/share plus the option premium of .65/share.
Also sold cash secured put options against it today in my IRAs.
Grandma also owns some shares but she was already short covered call options.
This is a cigar butt company which hopefully has a few puffs left.
Talk about your poor timing-RAI lost a $26 billion lawsuit because a smoker died.
Grandma may have to start smoking so she too can sue.
In other news-hop picking starts in about one month.