Bought MAXY, MAXY calls

Today I put just 0.1% of my portfolio in MAXY, at $6.54 per share. I also bought five $5 strike May calls on MAXY, for $1.85 per contract. MAXY is currently at $6.53 per share. This is a speculative trade.

Bought DENN, SNS; Closed puts on TUP, INTC

Bought DENN at $3.395
Bought SNS at $386.48
Closed July $40 puts on TUP for $0.60
Closed July $19 puts on INTC for $0.36

Mar 2010 portfolio allocations

I currently have 35% of my portfolio in investable cash, 40% in stocks, 13% in cash secured puts, and 12% in calls which I own.

Closed KRE puts

Closed the puts I wrote on KRE for $0.15. I'll look at writing more puts on this ETF later, to pick up shares cheaply and to offset the cost of the 2011 calls I bought.

Sold FLS

Sold FLS for $107.50, as it was nearing fair value. My profit on this position was effectively decreased, since I chose to buy back calls I'd written on it.

I originally bought FLS for $70, via puts (which paid $5.90) and wrote calls (which paid $4.20). Then I bought back the calls for $25 (ow). Now, I've sold for $107.50. My profit is:

$107.50 + $5.90 + $4.20 - $70 - $25 = $22.60 per share.

That's 32% of the original purchase price. Still, if I had bought FLS outright at $70, and had not written calls at all, my return would have been over 50%. Further, if I had let the calls be exercised, instead of buying them back, I would have made a 29% profit. Was the extra 3% worth the effort? If I was a professional money manager, competing with other professional money managers, sure. Since I'm a "hobbyist" I'm concerned with absolute rather than relative returns, and I think it wasn't worth the trouble.

Sold RIG

Sold RIG for $84.30. RIG missed the consensus earnings estimate in its last quarterly report, its second miss in the past twelve months. I'm happy to get out of it now at a slight (very slight) profit. I'll reevaluate it at leisure. I'll look for revenue growth before I buy again.

Sold WAT

Sold WAT for $63.545. I still like the stock, and may buy it again (perhaps via puts). I sold it because it was nearing fair value, and I'm looking for better, undervalued investment opportunities.