Sold Covered Calls on VIP Shares
Since I bought my covered calls back on VIP on Friday, I wanted to cover them with new calls today as soon as I saw VIP wasn’t heading up again yet. I bought my calls back with the hopes that VIP would rally soon. Since I can’t take hope to the bank, I took some risk out of my position and covered early this morning. While VIP was trading at 30.03 I sold two VIP August 30 calls (VIQHF) and received $438.50 after commissions.
Eventually I expect to take a loss on my shares, but for now I’m going to continue to milk the options for everything I can. Since I can’t change the fact that VIP has fallen as much as it has since I sold my naked puts that were assigned I have to deal with what I have. There’s really no benefit in worrying about where the stock has been. Selling the covered […]
Original post by Alex Fotopoulos