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The Newmont Diary


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The Newmont Diary

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  #71 (permalink)
Market Wizard
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Down on the day for Tuesday. Chart displays 2 days of bars.


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  #72 (permalink)
Market Wizard
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This chart for Wednesday is the whole day of 5 minute bars.





NEM moves mostly with Gold and Gold popped on Wednesday, so did NEM. NEM is a popular stock with the world's elite because it is the biggest gold company in the world. That happened when Newmont and Euro-Nevada merged. And NEM pays a nice dividend (yield).

Anyhow NEM pops and I have the 46 calls hanging there. I have to protect them because any amount over is a loss if the stock is called at 46 because on the outstanding 60 puts. So I waited and NEM moved back below 46, only to come roaring back. So, I decided to sell the 45s to collect the amount above 46 and some premium. Of course later in the day profit taking set in and clipped price back below 46.

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  #73 (permalink)
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NEM sagged into the noon hour, then decided to rally above 46. For Friday I have 3 pairs of calls to deal with and enough in the magazine for 200 more shares if NEM bolts higher on open.


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  #74 (permalink)
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Friday is the day for option rollover.



I like to wait for 3:30ish to roll over, but NEM was seriously lower from a poor earnings announcement. The 15 min chart is for two days, the first day on the chart being Friday. The outstanding calls that I have to buy back weren't going to get any cheaper, so I did the rollover. Of course NEM bottomed midday and pushed back into the gap by closing. In hindsight 3:30 was the better time.

The 1st spread was a diagonal, this are the options with the 60 puts. I needed more premium, so I rolled from 46 to 45. The 2nd spread was a calender, these are the 47s, I need to stay at 47, so I jumped two weeks for the premium. Lastly I have the 45s, enough premium here so I jumped one week.



So Friday was a doji.

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  #75 (permalink)
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So, Friday two pairs of the four pairs of options are 45s. Fine. It's okay to take 200 shares at 45, but the other 45s are linked to the 60 puts. The 47 and the 49 calls are locked at the right price to profit. Any price of NEM over 45 begets a loss for this position for 200 shares because of the puts. So this chart is a two day chart with Monday being the second day.



So NEM opened slightly down at 44. So then after a $1.60 rally, NEM is well over 45.


So at this point, my human weakness just wants to buy another 200 shares and buy the price down to 45 with two more options plus to collect some more premium. But, I just let NEM work through this pop in price and waited for NEM to range.

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  #76 (permalink)
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Okay, here you go. Patience pays off. NEM ranges back down into the 44s.

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  #77 (permalink)
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Again NEM challenges 45, but ranges in the 44s.

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  #78 (permalink)
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NEM ranged all day in the 44s. Then in the last 45 minutes, "they" broke the price down below 44.


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  #79 (permalink)
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Okay I had two pairs of options to deal with and I did wait to 3:00- for the first set and 3:30+ for the second. The first set was just to capture premium for 45 one week out. The second set for which the puts are married, I jumped out 2 weeks and up to 46. More room to work.



NEM opened higher and ground sideways. Just when you think it ain't going to get better, it does. So waiting to sell the options was the right thinking.


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  #80 (permalink)
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Within one hour and a half after the open, NEM was up a buck. Beyond 46 is a losing situation for 200 shares. Again I had the urge to buy 200 more shares and sell two more 46s, to buy down to the 46 point and to collect premium. But, No just let the profit taking grab hold and knock the price back down to 46. The close 46.13.

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