Wednesday, November 11, 2009

Genco (GNK) Rallying: Consider Covered Calls



Genco Shipping is putting in a nice rally today up nearly 14%, but as I've stated in previous reports, this is a high beta stock and expect 5% daily moves.
I suggested this stock in October @ $22.90, also covered call Jan $25 GNK-AE for $1.70 lowering the coast basis to $21.20. I also suggested that those wishing to add or enter GNK to do again at $19.50 ~past post~. Well for those that did so with GNK @ $23.50, I'm suggesting to consider selling covered call options here. The Jan $25 GNK-AE is at $1.80 bid. Sell it here and lower you cost basis from $19.50 to $17.70. If called @ $25 by Jan. opex the profit would +41%...NOT BAD!
*click chart to expand image

4 comments:

Ross said...

hello, do you have an email address, where i can contact you directly?

itzmymoney said...

Visit me on Twitter

itzmymoney said...

http://twitter.com/itzstockchartz

Ross said...

your email is not on your twitter though.