$SVXY #CoveredCalls #Rollup #OptionLadder – SVXY is back to it’s old ways, rallying on expiration day.

I split up a major short call position, due this week, into three parts to spread the risk across multiple expiration dates. This creates a future #OptionLadder and allows the stock to run in the future.

Bought to close SVXY May 06 2016 51.0 Calls @ 1.39 – 1/3 of this position
Sold SVXY (Weekly) Jun 03 2016 58.0 Calls @ 1.50
Bought to close SVXY May 06 2016 51.0 Calls @ 1.22 – 1/3 of this position
Sold SVXY (Weekly) Jun 10 2016 59.0 Calls @ 1.42
Bought to close SVXY May 06 2016 51.0 Calls @ 1.38 – 1/3 of this position
Sold SVXY Jun 17 2016 60.0 Calls @ 1.68

Pushed the strike prices up above this year’s resistance on the stock and still received a credit on each roll.