One night a few weeks ago the local news ran a piece on this new drug that had been approved for double-chins and neck fat problems. She said right then, "You better buy that stock. Women will pay up for those injections to improve their aging faces and avoid expensive plastic surgery." So, next day I bought the stock at about $45. Sold August Calls for income at $55. (Big mistake). Bought another 100 shares at $55 and sold more August 65 Calls for income. (Another mistake.). Meanwhile nice gains and nice income from the calls to lower average cost of shares. Looked at the stock this morning and saw the price at $74+ and how much my calls had gone against my gains. Gulp! Then I calculated the delta between the loss in the Calls and the gain on the shares. Delta $1000 in my favor. As I was trying to decide whether to buy the calls back (first time for me to do this), I decided to look at the news to see what was driving the stock up. BUYOUT AT $75. SCORE!! No way to lose now if I buy the calls and the price goes down unless the deal goes through. Only upside for a counter-offer. So, I pulled the trigger!
It's been an exciting morning. Thanks for listening to my story.
Moral of story is listen to your wife once in a while. )
My lucky day!!
WF
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