Thursday, October 29, 2009
Yamana Gold; Silver Wheaton & Genco Shipping
GDP report @ 3.5% has rallied the markets, however...the dollar ($USD) has declined to 75.96 as I type? Why..stronger economy, yield more need for commodities, thus lower dollar...go figure!?
Both Silver & Gold are storng today, as I suggested Yamana & Silver Wheaton up strong!!! Genco Shipping (GNK) reported before the open and beat consensus, BUT forecasted a shaky 2010, still they are the best situated "DRY BULK" shipper and a bet on global economic recovery. Those who entered or added to positions yesterday @ $19.50 caught a great trade.
Recap on Covered calls, Yamana (AUY) October 8th sold Jan $14 call (AUYAP) entered July @ $8.50 sold call for $0.90 cost basis $7.60. ~link~
Silver Wheaton (SLW) Entered SLW in Sept @ $12.66, sold covered call Oct 7th the December $15 (SLW-LC) for $1.10, lowering cost basis to $11.56 ~link~
Genco Shipping (GNK)entered $22.90 sold Jan $25 call (GNK-AE) for $1.70 lowering cost basis to $21.20 ~link~