SOLD -100 UYG @4.49

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I sold my 100 shares of UYG because it was bought on margin last Friday when the call option was exercised. The effective share price I bought was \$3.55. I sold it for \$4.49 today. A profit of \$94 - (\$7.5[option fee]+\$15[exercise fee]+\$5[stock fee]) commission. Clearly, the commission made this trade a bad one. I didn't know TOS charge me \$15 for exercising options.

I sold at \$4.50 because it's a resistance level and we tested it a couple times this morning without breaking it. Although the risk/reward at \$4.50 still remains favourable, I sold because I don't want to use margin money. As of this writing, UYG has broken \$4.50 to \$4.67. I believe \$5.00 is a good target and possible \$5.7 in the near term.

Furthermore, I still have my trump card in the financials. My C options strangle is doing quite well now that the government is pumping money into Citigroup.

Update: After writing a big piece on trailing stop yesterday, I totally forgot to apply it myself. I really should have used a trailing stop in this case since I thought \$4.40 was a good stop. UYG is now trading at \$4.85 without much drawdown. At least this is a small position.

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