This week has started off a little bit rough. As you may recall, I was up 16.9% on the year heating into this week. That has fallen back to 13.3%. GTAT dropping 15% has really hurt.
But the beauty of the stock market, is that if you have conviction that Mr Market is going a little bit nuts, you do not have to wring your hands - instead you can do something. So yesterday, I took advantage of GTAT dropping under $16 (briefly) to buy back my September 22 calls. As a reminder, I had sold those calls in March for $2.40. I bought them back for $0.55. So $1.85 profit per share. I would say my first foray into trading calls was successful. I thought about not buying them back, but deep in my heart I do believe there is a reasonable chance that GTAT pops above $22 in September. Apple generally announced new iPhone in early September and if sapphire screens are a large focal point of their presentation, I see potential for GTAT to become a real momentum trade. Of course this is far from certain, but worth 55 cents for me to have that potential upside.
I also increased my GTAT holdings by 28% at $16.58 (nit the best price of the day). I will likely sell these if I get the opportunity to make a quick profit. Not because I do nit believe in GTAT (though continued selling by CEO is really bugging me), but because GTAT is over-sized in my portfolio.
I did also make a couple of other trades. I bought TC (an old favorite) at 2.93. Copper seems to have bottomed and molydenuberm (sure I did not spell odor rectory) prices have actually risen a lot recently.
I also have traded a little known stock called CAMT. They are a high growth micro cap with a great balance sheet. They popped a bunch on Monday and I made a trade that netted me 9%. I then re bought on Tuesday at $4.28. This is also a discretionary play, which I may sell if I can make 5 to 10%.
Great news on the dividend front. Two of my stocks announced 10% increases in dividends. FSC and KLAC. Sweet. I have already had three stocks go x dividend this week, GPS, BBEP and CSQ. With my multiplier, that is $1,976. I love getting those dividend checks!