No. of Recommendations: 5
Just a follow up on this post of mine from a while back
Today I just wrote ATM $345 calls against much of the rest turning it mostly into a covered call position. Purely the solution for the wishy-washy who can't decide whether to sell or not.
FWIW, I sold those for $53.41 on Feb 2.
I bought them back for $13.60 on Mar 30, so I made $39.81 a share in a couple of months. I still have the stock.
I'm still not super keen on current valuation levels. I just sold fresh calls, $335 strike this time, for $43.34. If it dips again, I make a few bucks again quickly. If it stays flat-to-down for the year, I make $43 slowly, a bit over 13% of current stock price, 17%/year annualized. If the stock is very high around year end I end up selling at a price that I consider "probably too high".
There are probably *very* much better ways to make a buck when markets are volatile, but when you're on the fence about selling it fits the bill for me.
Jim
