Out of my Corning Calls
I am out of my Corning call options as of a few minutes ago. I already miss them.
I took a nice percentage gain on these contracts over the past couple of weeks. As I mentioned in my I love Corning post, I love Corning. Why did I sell my contracts if I love Corning? Well, the market is very likely to be tested again. I really feel that the IBM numbers (especially guidance, or lack of) this afternoon will dictate the direction of the market to come. Earnings will be flowing for a couple of weeks and guidance will be critical.
I fought the urge to turn this trade into an investment. I left something on the table, and will be disappointed if I am not back in this contract before earnings come. I have traded this contract on 7 different occasions (really 6, but one was sold off on 2 different dates). Each trade has yielded a nice % gain. Symbol: GLWKC (Nov 15 calls)
- Out 7/16/2009: +73.5%
- Out 7/14/2009: +33.6%
- Out 7/16/2009: +19.9%
- Out 6/12/2009: +13.65%
- Out 6/12/2009: +38.03%
- Out 5/27/2009: +11.54%
- Out 5/20/2009: +20.84%
I wish that I could do this more often, but we have to play what the market gives us. I have simply been playing the market swings with this option contract as a vehicle. If IBM comes out good, this one could be long gone. GLW should rally with that sector. I am a bit upset with myself for not holding on to some of the contracts that I sold off this morning. We’ll see how it pans out. I am not sure that I believe the rally will continue. Feels tired already. Too far too fast?
Corning - GLW
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