UNDERLYING ETF: QQQ
DESCRIPTION: Power Shares NASDAQ 100
TRANSACTION TYPE: Close
DESCRIPTION: The Nasdaq had a nice rally the past week pushing the ETF well above the strike place of the covered call held in the portfolio. Given this situation CCI closed the position on Friday as described below. This position was established on 5/29. Over the approximately six week holding period the position returned a modest 0.7% return while the index itself returned 2.6% over the same period. Not a great result. However, this is consistent with expectations for this approach of under performing in an up market. At least the approach continues to grind out positive returns. CCI anticipates re-establishing this position in the upcoming week.
DESCRIPTION: The Nasdaq had a nice rally the past week pushing the ETF well above the strike place of the covered call held in the portfolio. Given this situation CCI closed the position on Friday as described below. This position was established on 5/29. Over the approximately six week holding period the position returned a modest 0.7% return while the index itself returned 2.6% over the same period. Not a great result. However, this is consistent with expectations for this approach of under performing in an up market. At least the approach continues to grind out positive returns. CCI anticipates re-establishing this position in the upcoming week.
TRANSACTION DATE: Fri. 7/12/13
Action: Buy to close
Strike: $72
Exp. Date: July 12, 2013
Price: $3.00
Price: $75.19
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