We have sold another put in CCJ. This is a “promise” to buy more shares if the stock goes down. Now, for us that really probably isn’t the case because we have already made a “promise” to sell through our covered call. So, if the stock stays above 54/share the put will expire. If the stock is below 54/share, we will buy 100 more shares but that will likely be offset by the short call exercising and selling 100 shares of stocks. If the stock falls below 50/share, then we could end up with more shares overall but we don’t see that as an unattractive possibility either.
Sold to open: CCJ June 20th (monthly) 54.00 strike put
Credit: 1.15