Shippers and DSX Trade Adjustment
I bought back the covered calls I sold against my Diana Shipping Inc. position. My order filled about mid-morning and DSX continues on a tear into the bell – as do the other shippers (with the noted exception of TBSI). I was able to buy these calls back at break-even and since I got them at break-even I decided not to roll them forward and up to December 17.50 calls. Not yet anyway.
DSX and other shippers had positive earnings reports yesterday and today. China’s continued demand for raw materials has improved the Baltic Dry index as well.
I’m still short DSX December $12.50 puts I sold back on Oct 29th.
Looking at that hourly chart just makes me shake my head in disbelief. I can’t believe how quickly that snapped back. I need to be more aggressive and close out these short call positions once the premium is down to 25% of what I received when I opened it. I love to hold these into expiration when they are clearly going to expire OTM and get the full premium, but a profit is a profit and I need to take it when I have the opportunity.
DSX Hourly
DSX Daily