WEll, I have done pretty well in this market rally except for the SLM debacle where my calls expired worthless as the stock got cut in half because of the Obama budget proposal. Oh well c'est la vie. I am still well ahead of the S&P this year. Have added RIG to the portfolio, and am looking at other energy names - particularly natural gas, but still have to do a lot more work as I am not up to speed in that sector for sure. Trimmed a little ACE last week and then wrote calls against my position, 50 strike, I just don't see the stock getting there anytime soon, as I think there will be a market pullback, but I don't see ACE going down to its lows of early march either. Have cut my UYG position in half end of last week, also just don't want to ride this back down, as I think bank earnings are going to be bad, and people are going to get very nervous ahead of the stress tests results, gives me a little firepower to redeploy if there is a pullback, but still have skin in the game if i am wrong - how is that for conviction!
Also bought some puts on SPY, 77 strike to give me some short term protection against a market pullback. Probably will get burned with that, since my track record on options stinks, but trial and error is the way to get better!
Oh and pocketed my XL gains, though not at $6.13, rather in the 5.50 range. still not bad given my $3.60 cost. Honestly the stock could go higher, but I rolled into UYG, which probably was cowardly, and left some dough on the table.
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