Here are the positions I've refreshed (due to options expirations) . . .
Short straddles on GDX and FXI. These are very long term holdings and I continue to use them to generate cash flow. I also write covered calls on GDX in my IRA.
Short puts under TDW at 40. I like Tidewater and I'm willing to buy at 40. I wouldn't mind being forced to do so when the second phase of the credit crunch roils the markets. TDW will be a long term holding if and when I ever go long.
Here are new positions . . .
Sold covered calls on ANV at 15. Allied Nevada has done very well for me, and I wouldn't mind it if my position is sold away should me covered calls be exercised at 15.
Sold short puts under SII at 37. This is a special situation presented by Schlumberger's buyout of Smith International. I sold puts at 37 to expire in March 2010 to get some quick cash.
Here are existing positions that haven't changed (mainly options awaiting expiration) . . .
Long COMS as special situation, awaiting closure of transaction. Short puts under KEX, willing to go long KEX at some point. Short puts under EFA (awaiting expiration). Long puts against IYR and LMT as bets against new bubbles in real estate and defense spending.
BTW, my puts under Burlington Northern have expired well in advance of their original expiration date. That special situation trade did quite well for me. Props to Warren Buffet for allowing me the opportunity.
