Week 19 - Portfolio Review
May 11th, 2008, 1:09 pm. Posted under AppleOption LTP, AppleOption STP, Index Condor Portfolio, Market Commentary, Portfolio Review by AppleOption.
Week 19 of 2008 trading is finished.
Take a look how AppleOption has performed against the market this year.
AppleOption Short-Term Portfolio (STP)
Started the year with $10,000
Current portfolio value $17,048.60 (after commission/fees)
Year-to-Date Gain 70.4%
AppleOption Long-Term Portfolio (LTP)
Started the year with $25,000
Current portfolio value $28,297.62 (after commission/fees)
Year-to-Date Gain 13.1%
Index Condor Portfolio
Started the year with $10,000
Current portfolio value $10,352.87 (after commission/fees)
Year-to-Date Gain 3.5%
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S&P 500 5-day |
Dow Jones 5-day |
NASDAQ 5-day |
Apple 5-day |
S&P 500 3-month |
Dow Jones 3-month |
NASDAQ 3-month |
Apple 3-month |
AppleOption Short-Term Portfolio
The STP made a bold move after Wednesday sell off. This trade alert uncovered many of the current positions. We spent the remainder of the week waiting for a light volume rally, as the goal was to be covered into the weekend. Our desired covering price was never reached and now we hope nothing drastically turns down over the weekend. There is good news about the iPhone (see the Apple News discussion below). We may be lucky and see a update sooner than later which would work in favor of our portfolio’s current position.
AppleOption Long-Term Portfolio
As Apple continued climbing it’s way back to $200, our the LTP made the following trade to keep our portfolio balanced. We are well protected to the downside for the near term, as Apple has had a fantastic run. It now requires a healthly consolidation and much occurred during the later half of the week. The sell off was on small volume, 24 million shares (down -42%) from the typical 42 million shares traded on an average day the last 6 months. Unless there is an iPhone announcement in the next few days, the stock will likely continue a bearish consolidation. Look for major support levels at $178 (3% decline) and then firm support at $169.90 (7.4% decline). The portfolio is well positioned heading into option expiration.
Index Condor Portfolio
By request of multiple AppleOption members, the focus of this portfolio is in the process of restructuring. In addition to iron condor trades, we will also perform other trading styles that are applied to a host of index ETFs. The portfolio had no trades this week as we prepare to transition the overall trading style of the portfolio.
Up-Coming Earning Reports: for a full listing of companies
Monday May 12th
McDermott - MDR
Tuesday May 13th
Electronic Arts - ERTS
Applied Materials - AMAT
51job - JOBS
Wednesday May 14th
nothing major
Thursday May 15th
Autodesk - ADSK
Hewlett-Packard HPQ
JC Penney - JCP
Friday May 16th
nothing major
Apple News:
Over the weekend, we noticed that the iPhone is “currently unavailable” from the Apple Store Online. Earlier in the week the cell carrier O2 in the United Kingdom also posted that they were “no longer available.” We are seeing a clearing of the product channel, the 3G iPhone is expected sometime in June. However, if the supply channel is nearly empty this might cause an earlier release.
