American Eagle Outfitters, Inc. (AEO) The Jan 15 puts expired OTM. I wrote these back on 11/25/09 for a 7 week return of 5.28% *. AEO is back below the 100 day SMA. I might consider selling some more 15 strike puts if support holds. This will come off my watch list for now.

AEO Daily

Century Aluminum Co. (CENX) I wrote these puts in my IRA back on 11/18. They expired OTM for a 8 week return of 3.23% *. There is support at 12 and I might look to reenter this by selling March 10 or 12.50 puts.

CENX Daily

DryShips, Inc. (DRYS) The Jan 7.50 calls I wrote back on 12/02/09 expired OTM for a 6 week return of 2.16%. I had also sold some 6 strike puts as part of this trade but I closed them out at break even. DRYS is breaking down and I won’t sell any more puts at this point.

DRYS Daily

Diana Shipping Inc. (DSX) I wrote Jan 15 puts in my IRA back on 12/1. This is a 6 week return of 5.61% *. I still hold some DSX in my Roth. My cost-basis is $11.09.

DSX Daily

Energy Conversion Devices (ENER) The Jan 11 puts I wrote on 11/27/09 expired OTM. This was part of a trade adjustment I made to roll the Dec 12 puts to Jan 11. I also wrote Jan 11 puts in my IRA.

ENER Daily

Hanesbrands Inc. (HBI) The Jan 22.50 puts I wrote on 12/08/09 expired OTM for a 5 week return of 2.63% *.

HBI Daily

RTI International Metals, Inc. (RTI) The Jan 17.50 puts I wrote back on 11/24/09 expired OTM. This is a 7 week return of 4.24% *.

RTI Daily

UAL Corporation (UAUA) The Jan 7.50 puts I wrote back on 12/01/09 expired OTM. This is a 6 week return of 6.56% *.

UAUA Daily

* The return is calculated using the premium I received from the sale of the options (less commissions) and the capital required to pay for their possible assignment.

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Century Aluminum Co. (CENX). The December 7.5 puts I wrote back on November 12th expired OTM for a 5 week return of 2.67%. * I’m also short the Jan 7.50 puts. CENX exploded back on December 10th and I’m glad I could participate in part of that move. If we get some consolidation or a pullback in the next couple weeks I may look to sell the Feb 12.50 or 10 puts.

CENX Hourly

Diana Shipping Inc. (DSX) – I had both the December 12.50 puts and December 17.50 calls expiring OTM. I wrote the puts back on October 29th for a 7 week return of 4.74%. * I wrote the calls on November 19th for a 4 week return of 3.10%. * This knocks my cost-basis down to $11.09. I’m currently short the January 15 puts.

DSX Hourly

Energy Conversion Devices, Inc. (ENER) – I wrote December 14 calls back on November 6th. This is a 6 week return of 2.45%. * ENER is showing some signs of improvement. I’m short the January 11 puts.

ENER Hourly

Ultra Financials ProShares (UYG) - The December 6 calls I wrote back on November 13th expired OTM for a 6 week return of 3.49%. *

UYG Hourly

* The return is calculated using the premium I received from the sale of the options (less commissions) and the capital required to pay for their possible assignment.

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I made a few trade adjustments earlier this month and rolled CENX and GMXR forward and down:

• Century Aluminum Co. (CENX)
• GMX Resources Inc. (GMXR)

I also closed out of some short options positions early to lock in a profit and eliminate any risk of assignment.

• Ultra Financials (UYG)
• McMoRan Exploration Co. (MMR)

DryShips, Inc. (DRYS) – The DRYS November 6.00 puts I wrote at the end of September expired OTM. This is a 7 week return of 7.38%. *

DRYS is forming a wedge on the hourly chart – like just about every other chart I’m seeing right now. I might take another opportunity to sell more puts this coming week. Probably the January 5 strike. I should probably write some covered calls on the small position I’m holding too. I was hoping for a breakout much like DSX but it hasn’t formulated yet.

DRYS Hourly

My current cash position is at about 60%.

* The return is calculated using the premium I received from the sale of the options (less commissions) and the capital required to pay for their possible assignment.

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I made an adjustment to CENX a few days ago in my taxable account to roll forward and down to December $7.50 puts. This new trade was in my IRA. I choose January because the premium was double December premium (albeit small).

I’m choosing to be more conservative and sell puts further OTM and farther out in expiration as the market seems to be grinding sideways in the near term.

CENX Hourly

CENX Weekly

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CENX is back below a declining 50-day SMA and I didn’t want to risk assignment at this point.

CENX Hourly

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CENX Hourly

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