Writing ENER Calls
December 23rd, 2009
Sell to open Energy Conversion Devices, Inc. (ENER) February 12 calls. The December calls I wrote expired OTM and I decided to turn around and sell February calls right away. I’ve been successful selling calls on ENER in Sep, Oct, and Nov and managed to get my cost basis down to $11.74. I’m short the Jan 11 puts as well.
ENER is stuck in an ugly wedge and I normally wouldn’t be wasting my time with this stock – as a new trade that is. However, I got myself into it months ago and I’ve been able to repair it quite well. No reason to be long a stock with a declining 50 and 100 day MA.
ENER Hourly