Finally out of my gold related names...

I held these positions since November of 2008 so it was hard to let them go...

I sold calls in February against AUY, GDX and MFN. AUY and GDX were my 2nd and 3rd largest positions.

All of these just got called away, but lucky for me I made money on most of the calls.
GDX and AUY settled right near the strike price I sold at.

GDX called away @ 37 + $2 for the calls I sold= out at 39 (cost was 21.8)

AUY called away @ 9 + $0.85 for the calls I sold = out at 9.85 (cost was 4.32)

MFN called away @ 5 + $0.70 for the calls I sold = out at 5.70 (cost was 3.52)*

*I should NOT have sold calls against this one as it closed at $8 a share.

I also sold calls against GDX, AUY and SLW in February and all of those went out just about worthless and I am not figuring that into the gains for these stocks because I am lazy. Even though selling calls cost me big on MFN it still has been a very profitable tool for me since I recently started doing it. Currently the only calls I have outstanding are the ones I sold on Friday against SLW.

I now have no margin and a sizable portion of cash on the sidelines. I will be looking for more opportunities tonight and into next week. I’m thinking this bear market rally has some more gas in it and will probably be jumping back on some high beta plays early.

Tonight I have actually been looking at some solar stocks. (gasp!) I know it’s a busted bubble and a lot of the companies are scams but it still could make some money if oil keeps going up, especially since they are all off about 90% and sitting near their 52 week lows. Thoughts?

Finally time to flush out some weak longs...

I said this "flush out move" on this rally was going to come Friday afternoon into Monday morning.

It appears the move is going to happen Monday afternoon into Tuesday. It is good and healthy for the market to pull back as it cannot rise with everyone on board. Sentiment was extended to say the least. I made no trades today as I am in all of these things at much lower prices and I intend on just taking the hit of this pullback UNLESS it starts to look more much ominous. This is possible as many smart bears are "all in short" here but I am still giving it the benefit of the doubt.

Ok, so maybe I should have sold Citi with it up well over 100% in the last few days for me but cutting winners short is even worse than leaving some of the profit on the table in my opinion... as long as you don’t leave ALL the profit on the table!

I’m still waiting for an entry on UYG, I might not take that trade. Citi and HUM are on the chopping block and GE is pretty close to a sale for me now as well. I will let the market tell me when/if to sell these.

MFN (Minefinders) is going to get called away from me this week as I sold upside calls against it for March and it just keeps going up 14% every single day (today included). I am going to let them take it off my hands instead of closing the calls, its more than doubled recently as well.

Letting them take all those shares from me will be like losing an old friend, but if you are going to close a winning trade selling upside calls is a good way to do it because at least you lock in even more profit than the current price.