$SVXY #CoveredCalls #Rollup – one of many rollups I’m doing in various accounts for SVXY.
Bought to close SVXY Aug 5 2016 64.0 Calls @ 3.67
Sold SVXY Sep 23 2016 70.0 Calls @ 5.20 for a 1.53 Credit plus 6 points on the strike price.
This trade puts the new strike price above the YTD high on SVXY.
In this account I’m using a 3:1 overwrite strategy with an #OptionLadder approach. So if SVXY collapses again I’m not likely to get hurt to the downside unless the stock stays down for more than 6 weeks. For each individual week I only have calls outstanding on 50% of my long stock. I roll that position each week out to a week that I have no exposure in, at successively higher strike prices.
At some point I will start letting some of my stock go and switch to selling puts.