UNG $1 loss closing out today and buying CLF at discount.
April Option Expiration Update
Exit UNG by end of today to close the long April option position. Sell the April $6 Calls for the real intrinsic value with the ETF trading at $7.50. Entered the trade around $2.50 in October for a cold winter play that never developed.
http://www.bullseyeoption.com/trade-alert/new-trade-alert-october-26th-ung-natural-gas-etf/
The Cliffs Natural Resources April $8 put sold for $0.40 will have shares assigned with the cost basis at $7.60. A covered call will be sold next week to reduce cost once again.
http://www.bullseyeoption.com/trade-alert/new-trade-alert-march-22nd-cliff-natural-resources/
WHEEL IT… GoPro, Southwestern Energy and Seadrill
The strategy to sell cash secured puts is a method to buy stock at a discount or get paid not to… taking advantage of the market fears and volatility with high probability plays.
OPTION WHEEL UPDATE
Originally sold GPRO February $9.50 Put at $0.45 for a stock cost basis at $9.05 when shares assigned. Later, sold the March $10 Covered Call for $0.25 to lower cost basis to $8.80. Sold the May $10 Calls last week for $0.30 to lower basis to $8.50.
http://www.bullseyeoption.com/trade-alert/new-trade-alert-adjustment-april-19th-gpro-17-potential-return/
Originally sold Southwestern Energy November $11 Put at $0.55. with stock assigned at $10.45. Later, sold the December $12 Covered Call for $0.40 to lower cost basis to $10.05. Then sold the January $12 Call for $0.30 to lower cost basis to $9.75.
A covered call will be sold to again lower cost basis.
http://www.bullseyeoption.com/trade-alert/new-trade-alert-october-24th-southwestern-energy-2/
Originally sold SEADRILL May $4 puts for $0.25 http://www.bullseyeoption.com/trade-alert/new-trade-alert-may-2nd-seadrill/ to put break even basis at $3.75.
SDRL stock was assigned with July $4.00 covered call sold for $0.25 June 7th on long shares to lower stock cost again to $3.50.
A covered call will be sold to again lower cost basis.
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