It’s Time … For a Special Portfolio Progress!

September 12, 2007 | Posted by Jorge

I’ve turned a profit!

Total Deposits: $1,841.47
Current Portfolio Value: $1,919.00
Profit as of September 12, 2007: $77.53
Profit (Loss) as of September 9, 2007: -$28.42
Profit (Loss) as of September 3, 2007: -$126.14
Profit (Loss) as of August 26, 2007: -$130.76

So what turned my portfolio around? I purchased some EMC Oct 18 calls at $1.40 per call. If you remember, each contract would cost 1.40*100, or $140. I purchased two contracts at the $1.40 price and quickly sold it two days later at $2.00 a contract, leaving me with a profit of $0.60 per contract, or $120 for my total purchase (I only had two contracts open as a result of my small capital investment).

As of today, I’ve made a 4% return in the market. A 4% return in 3 months may not be grand, but it’s definitely a start. Quick recap of this week’s news so far:

Monday (9/10): FOMC Presidents around the country weighed in on possible rate cuts and how deep those cuts may or may not be next week during the FOMC meeting. Market ended flat for the day on a relatively quiet news day.
Tuesday (9/11): 6th year anniversary of the 9/11 attacks. Ben Bernanke spoke in Germany regarding the world economy. Not much was said in regards to the U.S. market and the potential for rate cuts. FOMC is now in a self-imposed silent period until their meeting next Tuesday. Market jumped 1-2% yesterday based on the possibility of a rate cut.

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