March Madness Investing – Covered Calls

The March Madness basketball fever is about to reach its zenith for the year with the culmination of the NCAA basketball tournament championship. With the final game being played on April 2, it appears the madness will extend into the month of April; hence the term “March Madness” may now give way to “March-April Madness”.

We thought it might be interesting to see how a covered calls strategy for the stocks of companies located in the same geographic region as the basketball teams might compare to each other with the geographic region for UCLA being Los Angeles CA, for Ohio State being Columbus OH, for Georgetown being Washington DC and for the University of Florida being Gainesville FL.

We searched for covered calls for each of the four geographic regions, but we didn’t find any Gainesville Florida companies with optionable stocks, so as a proxy for the Florida Gators we selected the city of Jacksonville Florida, which is only 70 miles away.

Using PowerOptions stock options search tools we discovered the following covered calls positions for the UCLA Bruins, Ohio State Buckeyes, Florida Gators and Georgetown Hoyas for the month of April 2007.

We attempted to make the contest as fair as possible, as each team has three covered calls stock options positions with stock options expiration in April of 2007 (26 days). Additionally, each team has one in-the-money covered calls position and two out-of-the-money covered calls positions.

The rules are simple; whichever teams’s covered calls position’s average return is the highest at options expiration in April is the winner. In the event of a tie, we’ll go into overtime and select positions for May.

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[tags] March Madness, UCLA, Los Angeles, Ohio State, Columbus, Georgetown, Washington DC, University of Florida, Gainesville, Jacksonville, Florida, Bruins, Buckeyes, Gators, Hoyas, covered call investment strategy, investment strategy, iron condor, poweroptions, stock option trading, stock options [/tags]