We feel that the market is in a bearish correction (ABC correction). We reduced an existing stock position by selling 100 of our 200 shares of U.S. Steel (X) and bought back a covered call. We would like to get this money back working on another asset when the timing is right, likely through a 1×2 put spread strategy. Here are the trade exit details:
Sold 100 shares of X at 43.31
Bought to close: X May 16th (monthly) 47.00 strike call
Debit: 1.23