While the Diary of a Mad Hedge Fund Trader focuses on investment over a one week to six-month time frame, Mad Day Trader, provided by Bill Davis, will exploit money-making opportunities over a brief ten minute to three day window. It is ideally suited for day traders, but can also be used by long-term investors to improve market timing for entry and exit points.
ETE is trading around $16.70 as I write this.
The September 30th $17 call can be sold for $.33.
And that is what I suggest you do.
Sell to Open (1) September 30th-$17 call for every 100 shares you own.
Assuming you collect $.33 per contract, you will have collected a total of $2.80 per share in option premium.
This works out to 20% of the purchase price.
Do this trade only if you are long the ETE stock.