Hello Investors,
We bought 16 additional shares of ABBV today at 95.01 per share. The stock is up a lot in the short-term. We have a covered call at the 92.00 strike price with a November 20th (monthly) expiration. So, adding some shares will delta hedge the position. If/when the stock pulls back in price, we would look to add more shares and further “over” cover this covered call position.
In addition, we entered a new trade in Conoco Philips (COP). We traded a “buy write” (covered call) strategy as follows:
Buy: COP 100 shares
Sold to open: Dec 18th (monthly) 32.00 strike calls
Net debit: 28.50
More updates are likely to come this week!