Sunoco

I have casually watched Sunoco over the past year. It looked enticing when it was approaching $20 last fall, but then it shoot back up to $30 and $40. I was left thinking, "Yup, would have been a good buy" and stopped following it. Well, guess what. That ship hasn't sailed. Yesterday it closed at $22.89.

I thought about buying it outright. However, even if it goes up to $30 or $40 again, I don't trust my ability to sell at the right time. I looked at covered calls, but the premiums there were not worth it. So, I've decided to stick to my guns and sell another short put. I sold the November 24 put for $3.51 this morning. If put to me I'll be buying in at $20.49 and sporting a 5.8% dividend yield. To which I could easily add a 10%/year yield selling OTM calls.

See, I'm not just an Apple fanboy.