I Just bought 1000 shares of YELP at $28.40 to cover my Call. I really don’t want to own stock but I have a YELP $28.50 Call expiring today and the stock has been moving well with a few upgrades this week. I hope YELP closes above my Strike Price of $28.50 so I get assigned and this deal will be over. If YELP closes below $28.50 I won’t get assigned but my Call will expire worthless. Either way I keep the premium of the Call I sold on June 20th. That premium was $500. Here’s the stock buy order:
Buy 1000 shares YELP @ $28.40
Today I covered my Calls on U.S. Steel and Yelp. If either one of these stocks close Out-of-the-Money I’ll be selling another Call at the close with an Expiration Date of next week.
Steve
The Options Coach