Portfolio Progress – Week of July 30, 2007

July 29, 2007 | Posted by Jorge

This hasn’t been the best of weeks to be in the stock market. Some highlights of the week:

I bought to close the options contract I created with my Level 3 (LVLT) position. In short, I placed my 100 shares of LVLT up for sale using an options contract. I was willing to sell the LVLT shares at $5 per share. In return for creating the contract, I received $125 as a premium. Since the market nosedived toward the end of the week, I was able to buy back my contract for half the premium. In short, I made $40 (after fees) on my LVLT position even though the market dropped severely (DJIA dropped about 4% this week).

DJIA dropped more than 4% this week. Amazon’s (AMZN) earnings were much higher than expected and as such sent the stock skyrocketing. Baidu (BIDU), the Chinese Google, also beat earnings and shot up about 20% after their earnings report this week. Ford (F) turned a profit for the first time in quite some time. Level 3 reported a loss per share as was expected and had its stock price drop accordingly.

Total Deposits: $1,188.81
Current Market Value: $1,153.02
Profit (Loss) as of July 30, 2007: -$35.79
Profit (Loss) as of July 23, 2007: -$23.24

Although I’ve lost a little over $10 this week, the damage could have been much greater. I lost about 1% of my portfolio value compared to the losses overall in the market this week. I predict I’ll break even this week. I’m optimistic. I just hope the rest of the market is.

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