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

Once again, 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. Nice Credits on all the rolls and I had sold the strike 53 Calls I am covering @ 2.16 on a previous roll.

Bought to close SVXY May 06 2016 53.0 Calls @ 0.65 – 1/3 of this position
Sold SVXY May 20 2016 57.0 Calls @ 1.06
Bought to close SVXY May 06 2016 53.0 Calls @ 0.70 – 1/3 of this position
SVXY May 27 2016 58.0 Call @ 1.30
Bought to close SVXY May 06 2016 53.0 Calls @ 0.50– 1/3 of this position
Sold SVXY Sep 16 2016 75.0 Calls @ 1.30

I had not planned on having to cover this position. It would have been more profitable to have it expire, but I’ll make back what I spent over the next few weeks.