苍海泛舟
方显英雄本色-- 股市投资探讨
Q:
请教各位老大，怎么看SKF,174 进的，菜鸟学炒股三个月损失惨重。谢帮忙。
来源: 芳草 于 08-07-19 18:58:55 [档案] [博客] [旧帖] [转至博客] [给我悄悄话]
A:
SKF 变化太大，不适合新手做，解套后，就别再玩SKF 了。
因为金融市场的危机还远未结束，所以，不用太担心，你不会有损失的。如果是其它股，就很难了。
给你出个主意：
1。 如果你还有钱
1）在 $125-129 加买一倍 SKF （如原来是 100 股，就再买100股）使平均成本降到:（174+ 126）/2 = $150.
2) 到股票公司申请做 Covered call 的权利，一般都会批。
3）每个月第四个星期一 （first day of front month option) 卖下个月 $150 call ( 200 股可以卖两个contracts) 如当时 SKF 的股价为 $126, 那么 150 Call 可以卖$8.
4) 到了下个月的第三个周五，（option expiration day or OE day) 如果 SKF 股价还在 $150 以下，则你已经赚到$8。
成本降为：$142. 你还拥有股票，继续做 3）。如果 SKF 的股价已经超过了$150, 你的股票已经被自动卖掉。恭喜你，不但解套了，还赚了钱。
5）继续 3）和 4），直到解套为止。
2。 如果没钱再买，解套要慢一些
1) 做 上面的 2），3）只是把要卖的 call 变为 170 call. ( 以周五的收盘价138 为例，8 月的 170 call SKFHD $6.2)
2) 到了下个月的第三个周五，（option expiration day or OE day) 如果 SKF 股价还在 $170 以下，则你已经赚到$6.2。成本降为：$168. 你还拥有股票，继续做 3）。如果 SKF 的股价已经超过了$170, 你的股票已经被自动卖掉。恭喜你不但解套了，还赚了钱。
3) 每月第四个星期一继续卖Call，价格以不亏为准。（如下个月可以卖 165 call 赚$6, 则再下个月卖 160 call ... ) 逐月降低成本，直到解套为止。
( 后续进展，会按实际价格更新结果.)
Thanks for the such detailed instruction. I will treat you dinner after making money.
if the stock pops before oe week, and you know it's a temp pop...should you sell the covered call at that time, since the option can be at higher price....
Thanks again for such a detailed instruction.
是不是说卖 COVERED CALL 的价位都是在 ATM or close to it ?
谢谢.
2. To sell covered call you should has at least 100shrs underline stock. 1 call contract means you have the right to buy 100 shrs of stock in certain time frame at fixed price.
Sell covered call is just opposite of call buyer.
By selling a call contract to a buyer, you have obligation to provide 100 shrs of underline stock in certain period of time at fixed price. Since you already have underline stock, so your sold call is "covered" by your stock.
If you do not have stock, you still can sell call, but the call you sell is "naked" meaning the call does not has underline stock to cover. If buyer want to access his/her call contract to buy stock, you have to buy stock from market at market price and provide these shares to the buyer. That is dangerous if you are not seasonal trader.
3. After you done 1 and 2, you are ready to sell covered call. There are two parts to decide call price: 1)Inceptive value 2) time value which also related to volitility of the stock.
1) Inceptive value: example: stock price is $50 and $45 call has $5 inceptive value. (50-45=5)
2) Time value: The longer time the contract period, the higher value of the option contract. example: stock price still $50, $50 call has no inceptive value but only the time value. August $50 call price is $2, so the time value from now to 8/15/08 (OE day) is $2. For Sep. $50 call it cost $3.
So you can sell 1 August $50 call and get $2. By 8/15/08, if stock still has price $50 or under, you get $2. Since the call contract expired worthless, you can sell next month call again.
Normal, sell next month covered call is the best interest of seller. Because the time value decay of option within 30 days is exponential.