Today we benefited from a mild recovery in FTR/PR putting us a few points ahead of the market. General Market performance was mixed on weak Chinese trade data, and a slew of M&A news. We successfully closed our optioned position in PFE for a 35% return on risk – more on that later.
Crude was down today, taking our position in SeaDrill partners with it. Shell was up today due to a strong earnings beat. We do not plan on closing that position based on this, but will be keeping an eye on it throughout the week.
Late Friday we managed to acquire a position in Ford at an agreeable price, and have seen that appreciate somewhat already. Our target price remains the $14 we discussed when we last examined this company.
We also opened two new small option positions in Nokia and Petrobras ADRs with expirations in 11 days. Both companies have earnings reports due out before then, and we are confident that prices will increase mildly before then. It’s fairly likely that we will close both positions before waiting for the actual earnings reports to be released, depending on price performance before then.