Sold More SFLY Naked Calls
So much for sitting on the sideline and watching. My order for more SFLY naked calls hit this afternoon just before 3:00. While SFLY was trading around 17.45, my order to sell two SFLY June 17.50 calls (QFYFW). I received $308.50 after commissions. I sold these at twice the price of the first four calls I sold, so I received nearly the same cash. My average cost is $1.02 per option now. That gives up up to $18.50 per share before I’m sitting on a loss.
Just three days ago SFLY was trading below 15 which makes me think this run-up before earnings tomorrow is going to turn into a sell-off soon after they announce, unless they destroy expectations. I’m expecting the old “sell on the news” price action. Also worth noting is that although SFLY closed at its high of the day, it hit a ceiling that has been rising of it’s […]
Original post by Alex Fotopoulos