My Wii was delivered yesterday. Got the thing all hooked up and popped in Wii Sports. I only had an hour or so to dink around with it before heading out to the bar so I went with the familiar games. Tonight I am not sure if I will go all Super Monkey Ball or brawl Super Mario Bros. style.
One thing I do know is I may have sprained my toe hitting baseballs or playing tennis. Big toe was pretty tight and sore this morning. Have the Wii one day and already I may be heading to the IR.
Woke up to the news that gas prices jumped to above $4. Station by the house had it at $3.99. Everyone wants to bitch about prices going up but I don't see many people not driving as much. Personally I think oil will drop off soon and we will see gas prices back around $3.80 soon. I even sold calls against an oil stock yesterday believing they will drop back.
Speaking of stocks....who said they owned a stock that would be giving a presentation this week? And who said they believed there would be a pop in the stock because of the meeting? Oh yeah, that was me! Stock was up 77 cents yesterday. It traded above 10 for a bit. I have now owned it for a month with good results. However, those results are definitely not typical. If I could get 42% returns every month I would be busy doing that instead of drinking beer and blogging. Then again, drinking beer is quite fun too so maybe I would find that one big hit and then drink until the profit was gone.
Now here is the difficult part of buying stock. When to sell. As stated before, I am required to hold the stock for so many days. I have owned it for one month now and my holding period isn't close to be fulfilled. $3k is a nice chunk of change to protect, yet I believe this stock can go much higher over the long run, up to the mid teens by end of year. But it can also back down to 9. So what can I do to protect some of the gain? Sells calls against it. I am thinking of doing just that but only at the right price. If the stock runs towards 11, selling some 10 calls would be the prudent thing to do. But if it goes on a big run over the next week or so towards 12, then the 12.5 calls could be showing a nice premium and I would be a fool not to sell those. Nothing better to have a nice runup on a stock, sell the calls, get the money and have them expire worthless. Ah, wishful thinking.