Hello Investors,
We have arrived at July monthly options expiration this past weekend. As such there have been a few changes to the portfolio. We were delivered 100 more shares of CCJ over the weekend. This brings us up to 130 shares owned. We discussed our average cost basis. And we sold 2 covered calls against the 130 shares owned. Leaving us “naked” on 70 shares. That is aggressive but it was discussed fully in class. We also re-sold a covered call against our INTC shares. In addition, we exited our put spread in QQQ. Our timing was off on that position. All of the details are shown below:
Sold a covered call in INTC as follows:
Sell to open: INTC Sep 20th (monthly) 38.00 strike call
Credit: 0.76
Sold covered calls in CCJ as follows, please note that we own 130 total shares so selling 2 covered calls leaves us “naked” 70 shares.
Sell to open: CCJ Sep 20th (monthly) 55.00 strike call
Credit: 1.16
Sell to open: CCJ Sep 20th (monthly) 60.00 strike call
Credit: 0.52
Exited our QQQ bear put spread for near breakeven.
Sell to close: QQQ Sep 20th (monthly) 480.00 strike put
Buy to close: QQQ Sep 20th (monthly) 470.00 strike put
Credit: 3.50
Have a great week!