Option Iceman 10:19 am on Monday, December 21, 2015
Tags: CoveredCalls ( 2,202 ), VXXGame ( 769 )

$SVXY #CoveredCalls #VXXGame – Sold…

$SVXY #CoveredCalls #VXXGame – Sold SVXY Jun 17 2016 80.0 Calls @ 1.55. Partial fill on a bigger order.

vxxkelly 10:43 am on Monday, December 21, 2015

I’m guessing this is actually a double overwrite? Likely have nearer term calls you expect to expire worthless.
- optioniceman 10:58 am on Monday, December 21, 2015
  
  SVXY – actually I had a massive number of covered calls expire on Friday. Also have a short call position for this week almost as big. I hate having my long stock “naked”.
  I will be selling more June calls on every uptick in the premium.
  - vxxkelly 11:03 am on Monday, December 21, 2015
    
    Do you intend to sell shorter term calls as well on these, when can get reasonable premium, or just leave them single covered?
    - optioniceman 11:07 am on Monday, December 21, 2015
      
      If I could get more than a nickel or a dime on shorter term calls I would sell them. I’m looking at strike prices no lower than 65 for most accounts. If the stock can get back to last week’s high around 54, that would be enough to goose the premium levels. Until then, I will have to be satisfied with selling 6 month calls.
      - vxxkelly 11:28 am on Monday, December 21, 2015
        
        Was thinking the same thing. Sell $63 – $65’s shorter term. Hasn’t shown the ability to regain that level. My cost basis is now about $61 on the shares in my trading account. Had sold some Dec 31 $60’s against 1/3’rd of them with the thought that I’d lighten up at basically break even. Those calls are now down to $.10. Might end up owning these shares for a while.
        
        Also have some shares in an IRA with $55 basis. Basis is low enough that I can still get some premium selling about 2 weeks out.
vxxkelly 10:47 am on Monday, December 21, 2015

Followed you on this @ $1.55