mr gic

[selkirk]

going to write 1 Put July FDG.un $110 $5.35/$6 $535 credit.

Fording coal is very volatile and trade on Toronto, at $114.20 (as of the order). $535 added to cash.

also going to buy 2 calls options on XIU $54 sept. $1.65/$1.75
cost $350

this allows me to buy the main Toronto index XIU (ETF) for $54 up until Sept. for $1.75. believe this is cheap, if the index can go on a nice run could do well.

this is high risk and if the market does not go up stays flat or goes down then I lose all $350.

XIU trading at $54.40
note have a positon in these options last week avg. price $1.40


cash position $14601.55

thanks
selkirk

 

[baby johnson]

how buut cnq?

 

[selkirk]

BJ I own CNQ, if you believe oil can stay above $45 US for the year, then CNQ, ECA (Encana) Natural gas, TLM (Tailsman), then they are worth owning.

I have positions in all three, have sold some energy holdings, for instant energy income trusts...do not own any at this moment.

also own some jr.s such as TUI TRUE Energy, and DEE Delphi Energy, both trade on Toronto. TUI is up and showing a profit, DEE is selling at a loss so far....

BJ my market timing on oil stocks is not very good; still remember buying into an oil play making the point that oil just had to stay above $18 (was then $19), it fell below $9, and lost 30%.....

if you build up a position would do it slowly.

thanks
selkirk

 

[selkirk]

sell 2 call options XIU sept $54 $2.60 ($2.6/$3.15)

$520 credit (goes to cash)

not bad bought for $1.75 (may 30) sold for $2.60 mainly due to the index moving up from $54.40 to $56.21. thanks to oil, CNQ, TLM, ECA, SU, PCA, ect.
also base metals did well and recovered.

could get a better price closer to the $3.15 (maybe $2.80) however updating now and that is the price...

going to sell the gain could be greater could hit $3 but Montreal will be dead (for the summer) more than usual, so want to lighten positons.

note: myself still own Sept. 52 and Sept. 54

thanks
selkirk