Been a great ticker this year but odds caught up with me and was early exercised on Jan monthly 54 strike puts. Sold the covered stock on the bounce and rolling it all into #SyntheticStock. Going in at twice the size for only one fifth of the cash required to hold the stock.

Stock when assigned was at a 51.70 basis and sold for 47.65 this morning. I’ll roll the 4.05 loss into the basis of the synthetic by adding 2.03 to that cost (since synthetic is twice the size).

Bought to Open EWW JAN 17 2020 48.0 Calls @ 6.90
Sold to Open EWW JAN 17 2020 48.0 Puts @ 6.79
Bought to Open EWW JAN 17 2020 46.0 Puts @ 5.65

Net debit of only 5.76 plus 2 dollar downside risk plus 2.03 from early exercise loss for a total max loss possibility of 9.79. With 107 weeks for the trade to run only need to sell about 9 cents a week to cover entire max loss.

So:

Sold EWW JAN 12 2018 49.0 Calls @ .34