Monday, November 28, 2011

Intel - Bought Back Covered Calls

Intel (INTC) traded back around $23.30 today.   I read a few things that attempted to  tie the fall in price to some analyst concerns about the impact of flooding in Thailand on Intel.  Flooding may or may not be a short term impact, may or may not be a longer term impact, but CCI took it as an "opportunity" to close the previously established Dec $25 covered calls at $.16 including transaction costs.  Profits on these calls will boost returns on one lot of Intel by a modest 1%. 

Still bullish on Intel. Will look to  re-establish a covered call position if the stock moves back up to provide a smidgen of protection for the position.

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