Update Transaction - Continental Airlines (CAL) (6-25-2009)

After watching Continental continue to stay below the $9 level, I decided that I had waited long enough, and attempting to hold out until a July $11 call reached a good premium was not the best idea. As such I have decided to sell an August $11 call in order to get some premium, but not have to reduce my strike price. Technically the original purchase price of the CAL stock was above $12, so I had always planned to take a loss on the actual stock purchase, but not more than 10-15%. The new profit/loss projections are below:


4/14/2009 -- Bought 100 CAL @ 12.225
4/17/2009 -- Sold To Open 1 CAL May $11 Call @ 2.17
5/15/2009 – May $11 Call Expired
5/18/2009 – Sold To Open 1 CAL June $11 Call @ 1.05
5/27/2009 -- Bought To Close 1 CAL June $11 Call @ 0.3
6/2/2009 -- Sold To Open 1 CAL June $11 Call @ 0.65
6/12/2009 -- Bought To Close 1 CAL June $11 Call @ 0.10
6/25/2009 -- Sold To Open 1 CAL August $11 Call @ 0.50

The important purchase metrics are below for insight into possible profit and loss (these all include commissions):
Stock Purchase Cost: $1222.50


Downside Coverage From Current Price (8.55): 3.5%
Possible Max Upside: 27.3%

Annualized Max Upside: 76.7%