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My ETF Covered Call options expired worthless this past Friday during Options Expiry.  I’ve posted a chart for your review to illustrate how profitable ETF Covered Call writing can be.

smh2007_Mar.png

According to the options information over on http://finance.yahoo.com/q/op?s=SMH, the May $35 call strike are selling for $1.01 so selling 10 contracts would generate a cool $1000.00 and would generate 3% return on my original investment to bring my total return from December through May to 7.5% which isn’t bad for 5 months.  If I were to get called at $35, I would make an additional $750 to bring my total return for the 5 month period to 9.8%!

I may just wait until SMH breaches $35 and sell May $37.50 options to bring my total return up to 12% if things pans out right.

SMH_1000.png

This of course is just a few of the flexible options with Exchange Traded Funds and covered call writing.  I hope you’re making money today.