#TakeOneForTheTeam – Was short a 160/155 put spread from a couple weeks ago. Of course was exercised early on the short 160 today. Immediately closed the 155 long put for 17.25. Originally received 2.80 for the spread so a grand total of 20.05 in premium to offset the 160 purchase price.
Stock basis of 139.95 is where she settled out…
I don’t feel like I really need this protection for the Jan 2018 short calls anymore so will aggressively try to unload this by selling a covered call slightly in the money.
Sold SVXY MAY 26 2017 137.0 Call @ 4.85
Still make a couple bucks with breakeven of 135.10