What a Monday!

What a Monday yesterday was. I don’t think I’ve ever had such a fantastic Monday as long as I can remember (being only 25 limits the number of Mondays I can go back and remember!). Quick recap of yesterday’s events:

  • EMC Corp (EMC) was upgraded by Bear Stearns and Citi resulting in an almost 8% jump in stock price. Normally that’s great. Seeing as how EMC was severely undervalued, I purchased 15 Oct 19 Calls at a cost basis of $1.03 per contract. Yesterday those contracts closed at $1.75, resulting in a $0.72 per contract profit. After taking a bit off the table to preserve profits, I’m left with an unrealized gain of $864. That’s an increase of 33% on my portfolio. I believe it’s safe to say I’m in the black and have a bit more wiggle room to invest and find other breakout stocks. EMC appears to be holding it’s own this morning as the markets opened lower due to a variety of reports.
  • Red Hat (RHT) reports after the closing bell today. Profits are expected to rise and as a result I’ve jumped in pre-earnings. The last time I’ve jumped in pre-earnings resulting in my first loss. At the time, however, I didn’t know what a sub-prime was. It pays to be informed.
  • I won a copy of The 4-hour Workweek from a contest over on Commentsforcash and SusanSuarez. As the winner, I’ll be hosting the next leg of the contest. More information will be posted later this week regarding entry rules.

Markets appear to be gaining ground this morning. I still have 12 EMC contracts open. Let’s hope for another double this week! Just remember… don’t be a pig. Better to have a profit than no profit at all!

Jorge 25 September 2007 Equities, Portfolio Progress
EMC Corp Upgraded EMC Corp Strikes Again

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