#ReverseRolling – I’ve been in this thing for a year just selling and rolling. It’s been a sweet ticker with great premium but really running now. Closing the last of my short puts and reverse rolling the DITM short calls to very bullish bull put spreads.

Bought to Close 3 WYNN JAN 19 2018 170.0 Puts @ .25 (sold for 9.00 accumulated after a couple rolls)

Reverse Rolled the calls for $270 total credit (.54 per new spread avg) but had to increase size from 3 closed to 5 open to get the credit.

Bought to Close 3 WYNN JAN 19 2018 140.0 Calls
Sold 5 WYNN FEB 16 2018 200.0/170.0 Bull Put Spreads

Now the big picture:

Aggressive put selling for last few months has now brought in $8343 in premium. That was for 3 contracts but now has to be spread over 5 contracts giving me a basis in the new position of:

200/170 BuPS @ 16.68

If WYNN rallies then it’s all good. If WYNN tanks I’ll roll all of this into #Fuzzy positions wherever the stock finally ends up. Breakeven on the spread of 183.32. Anything around that and I’ll have to decide whether to roll or go #Fuzzy

Whew!