Mid-Day Options Watch

As of now I have purchased more shares of Palm for$15.18 a share and immediately sold the June 15 Calls on them for $85 a contract. That's right I have a downside protection of 5.6% and an upside possible gain of 4.4% in 4 days! The current options market is factoring in a 57.5% chance these will expire in the money. I am still bullish on Palm so I may be buying more and writing them for the July 17 or 18 strike, that's after Id fetch $20 a contract to write them out for the June 17.


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