Now, for every penny higher or lower, multiply it by 500 times for the final premium paid or not as the case may be. That said, an add-on at $8.50 versus $8.25 comes out to a whopping 25 cents. Multiply by 500 and we've got to pony up an "extra" $125. By holding out until units priced at $8.44, I saved myself the difference---$30.
On the other hand, what if I'd held the line for 500 units at $8.25? I'd have gained nothing so far---with thirty eight minutes left in the session. And at this moment, units last traded at $8.40, not far from my add-on price.
Holding eighteen stock picks and scrutinizing about thirty picks very closely throughout each trading day, I can't let myself get sucked into insisting on each penny as though my life depended upon it. I figure it's better to secure the positions I crave and keep in mind my longer term expectations.
I was willing to pay $8.44/unit for two reasons:
1. Who am I to assume that $8.25 is the fair price for me to pay?
2. Today's action is influenced by Alcoa's guidance and should not speak for market action going forward.
Adding things up, this tells me I should be able to unload today's 500 units for a gain in the next couple of weeks---should I wish to do so. As of this moment, I don't expect it. However, I'm feeling quite safe from market downturns. A low cost basis will do that to an investor.
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