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Alex's Portfolio - changes
Portfolio changes 11/12-12/4

Long term portfolio. I continue to be nervous concerning fed actions and the effect on interest rate sensitive issues. As a result, I cut a couple of such positions in the longer term portfolio. Those sells dropped the margin use from about $11k down to just over $2k. In this crazy climate, lower margin risk also appeals to me. Will probably keep margin available for some transient and very deep buying opportunity.

11/12 buy 25 TGP as small increment accumulation - I continue to like long term prospects plus like the conservative approach of the company which uses very long term charters.
11/25 sell 100 O - too much interest rate risk, and lousy price action over a prolonged period
11/25 sell 50 KMP - lousy press, lousy price action, lots of near term headwinds

$86 in dividends hit the pot, offsetting margin cost with excess reducing margin amount by a bit

More active accounts:
11/12 buy 300 NAT
11/14 sell 4 CSCO Feb $24 calls @$1.08
11/14 buy 400 CSCO @$21.15
11/14 buy 10 CSCO Dec $22 calls, looks like these will expire worthless (-$225) edited to correct
11/14 closed CSCO $24 calls above for 19 cents; also closed 4 Jan $22 calls for 26 cents, retaining about 80% of original proceeds
11/14 bought Nat Dec $9 calls, closed on 11/22, lost $250 on the buy and sell
11/15 sell 4 CSCO Jul $22 calls @$1.20, same shares that were closed above for 26 cents
11/20 sell 5 CCJ Jun $20 calls @$1.70
11/21 sell 6 CCJ Jun $21 calls @1.35
11/22 buy 300 SNH @$23.05, had been waiting on a re-entry after having sold at $26.76, sold on 12/2 @$22.38 because of continued price erosion and uncertainty over both health care law and interest rate changes.
11/22 buy 100 HCP, accumulating on this health care REIT, will probably hold longer term
11/22 buy 300 BTU @$18.25, immediately sell March $19 calls @$1.41
11/22 sell 10 CCJ Jan $20 calls @$1.10, closed the position netting about $700 profit
11/26 buy 1000 SRTY @$11.85 as quick spec play. Didn't like the price action so closed on 12/2 at $11.70 eating about $185 loss. Got impatient on this one, could have banked a decent profit with a little more patience. Would'a, could'a, should'a! 100% hindsight.
12/2 sell 100 WPC, further reducing exposure to REIT sector
12/2 sell 101 KMR, company is under pressure, don't need that kind of uncertainty in this climate that is filled with such
12/4 buy 400 VCSH, seems to be a good place to park cash, very low volatility and about 2% yield, short duration corporate fund
12/4 sell 300 GLOG, capture 13% gain, reduce exposure to new construction coming on line during a period of weak charter rates.

[Image: 11222467246_fcfcbbd798_o.png]
I've just started to get interested in O as the price has drifted down. I'm not a big REIT fan, but a lot of DG investors seem to think of O as a safe and "best of breed" name.
(12-06-2013, 11:03 AM)TomK Wrote: I've just started to get interested in O as the price has drifted down. I'm not a big REIT fan, but a lot of DG investors seem to think of O as a safe and "best of breed" name.

I'm in the same position as you. Watching O closely and interested. I will probably buy a small amount once it goes below 36 but am waiting for low 30s to buy a large chunk. Too much downside risk with tapering/rising interest rates even at the current price IMO.
Add a big “me too” to that list. I sometimes wish I had bought O instead of NLY. On NLY, I am in the same boay, maybe, as Alex is with O. I’m sitting on losses, and all to me looks dark and grim. But for someone who doesn’t own NLY, the current price may look compelling. Anyway, I agree that I’m not quite ready to pull the trigger on O, but if it keeps going down, I may jump in.
I bought O for $39.42, got a couple of dividends and then decided to cut the shares loose at $38.48. Since then, the shares have dropped, perhaps further into value range, so currently have a GTC in at $36.75. At any rate, if the shares are acquired at my bid, they will represent about 5% less cash at risk than when previously held.

I also have been waiting on PBA to drop back to my buy range. I sold the shares in August @$31.75 because of a tax issue, but that has been taken care of by submitting the proper form. When the yield rose back above 5% today, the shares were re-bought for $31.92. The original entry was at $30.66, so still have a buffer from that level and very little damage done by the exit and re-entry.

Yesterday in my more active account, I added FFC as it dipped to its yearly low with stretched discount to NAV. Today added FAX for the same reason. Both of these will likely be fairly short term holdings. I'm not overly fond of CEFs, but they can provide opportunity when the discount to NAV gets stretched to extremes. IMO none are great for long term purchases, but they can provide nice swings for entry and exit, and pay very good distributions while one waits for the play to complete.
Blah! I put in a modest buy order GTC + ext for 115 shares at $36.75. Got a partial fill of 25 shares on 12/6. Looks like I'll have to wait a while to fill the position out. Right now I'm keeping individual dollar weighting at $4000-$5000 in this small but growing account. ORI was bought at $3375 and has run a little ahead of $5000, but I'll not sell any shares. Will just re-balance by adding to other positions.
December 5- December 17
Dividend Portfolio:
O corrected on down after my exit unitl, IMO, it represented a better value and somewhat less of a risk. As a result the shares were repurchased. I've been waiting on a chance to rebuy previously sold shares of PBA since I got a required tax doc submitted to TDA. Sub $32 appeared to be an excellent entry. Both of these positions have bounced nicely since purchase, and are now up 6%, providing a decent buffer to downside volatility. PBA will be in long term accumulation mode, but I'll be more selective in timing any accumulation to O.

Buy 125 PBA @$31.92
Buy 110 O @$36.75

$79.20 dividends hit the pot

Active accounts:
FAX and FFC apeared to be overdone to me, plus FCC will pay a slightly higher December distribution. Both of these are on a very short leash. I'll likely use T as a covered call play until shares get taken out.

Buy 500 FFC @$16.87
Buy 1000 FAX @$5.92
But 200 T @$33.68
Sell 2 T Apr $34 Call @$0.94

[Image: 11422753726_665dd84862_o.png]
Nice buy. I picked up a tiny position in O @ 37, thinking I would probably average down and its just gone up since then. I'm not really sure why...
December 18 - February 10

Longer term account:
Sold RDS.B - don't like forward prospects of big energy
Added small amount of POT to bring weighting up to desired level
Added OB $$13.85, equal weighting to rest of holdings in the cash account

Lots of activity in the active IRA:
Added covered call plays in: BTU CCJ ECA GE HCP INTC RYN SPH T

Call income since Dec 17 equals $6722
Dividends hitting the pot equals $1150

Had a few other trades that generated around -$500 in losses.
BTU is currently remains just above break even as the share price has dropped almost enough to offset call income generated. All other positions continue to look fine at this point.

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Activity 2/10-2/17
Not much activity during the past week.

Sold one mini contract: AAPL Oct $540 call for $35.25
SPH distribution of $175

Printed out 1099 from TDAmeritrade today. Waiting on a few K-1's and taxes will be ready to file.

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