Today:
Sold TEVA Sept 16th 47.5 put for a .68/contract credit. Looking to either be put the stock there and proceed to sell calls against or just keep the premium.
Sold GDXJ Sept 16th 56 call for a .73/contract credit, completing a 45/56 short strangle. My original intention was to look at being put the stock at 45, but I don't like to have too much short put hanging out there naked at once, and I wanted to do the TEVA shortie. TEVA's got a divvy; GDXJ don't.
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Starting to move my non-IRA account more into covered call mode. Doing covered calls (or selling short puts as a precursor to potentially getting put the stock) just seems to be a far less hectic way of trading, and less hectic is always a good thing ... . Covered calls aren't the sexiest thing in the world and sometimes they're awfully slow going, particularly if price drops out from under you and you're selling calls against until the cows come home to get your cost basis reduced to the current price of the underlying. Naturally, this is little different than my massaging the crap out of a broken iron condor or short strangle to get it back to scratch or better.
Sold TEVA Sept 16th 47.5 put for a .68/contract credit. Looking to either be put the stock there and proceed to sell calls against or just keep the premium.
Sold GDXJ Sept 16th 56 call for a .73/contract credit, completing a 45/56 short strangle. My original intention was to look at being put the stock at 45, but I don't like to have too much short put hanging out there naked at once, and I wanted to do the TEVA shortie. TEVA's got a divvy; GDXJ don't.
* * *
Starting to move my non-IRA account more into covered call mode. Doing covered calls (or selling short puts as a precursor to potentially getting put the stock) just seems to be a far less hectic way of trading, and less hectic is always a good thing ... . Covered calls aren't the sexiest thing in the world and sometimes they're awfully slow going, particularly if price drops out from under you and you're selling calls against until the cows come home to get your cost basis reduced to the current price of the underlying. Naturally, this is little different than my massaging the crap out of a broken iron condor or short strangle to get it back to scratch or better.
Fireworks are fun ... as long as you don't blow your fingers off.