jsd501 8:27 am on Wednesday, May 2, 2018

FAS

I am in the 2020 Fuzzy at 63C,63P, 61P and short the May 4, 67 call. My maximum loss is 15.50 and I am in the trade at 13.50. After Friday, my cost basis will be down to 11.87 and I need .17 cents per week to break even from when I put the trade on. I am thinking of selling the 63 call for may 11 or May 18 on Friday afternoon. This would bring my cost basis down below $10.00 with 88 weeks to go. Any thoughts?

fuzzballl 8:35 am on Wednesday, May 2, 2018

My first thought is that’s a pretty aggressive weekly sale. Stock looks weak but 200ma is still holding (for now). I’m a pretty aggressive seller myself but I’ll be looking up around just below the descending 50ma for my next week’s sale. Plenty of time and you’re off to a great start in basis reduction already. Just depends on your feeling of which way the thing is heading.
- jsd501 8:42 am on Wednesday, May 2, 2018
  
  On the weekly chart the 10 week MA has crossed below the 30 week MA and the stock is sitting on the 40 week MA. On the daily chart, I see what you see but I am a bit negative on the market. Also, RSI is weak and the Stochastics have turned down. I think I want the most premium that I can get this week.
fuzzballl 8:42 am on Wednesday, May 2, 2018

BTW…if we get a close below the 200ma I’ll be rolling the weeklies down to it and focusing all new sales on that level.
hcgdavis 10:07 am on Wednesday, May 2, 2018

I have similar but CC. I am staying at the 65 strikes, seems to be a magnet lately. It bounces back up would be through 63 quickly and as @fuzzballl says you have plenty of time.

I vote give it a little room.