The steel stocks have been moving really well lately. Yesterday I sold 50 contracts of the AK Steel (AKS) $6.50 Calls expiring this Friday. With the stock above my Strike Price most of the time, I was a little worried. A few minutes ago the stock dropped to the $6.50 price so I covered my 50 contracts by buying 5000 shares. I feel a lot better now that it’s a Covered Call. I hope the stock stays above the $6.50 price and I get assigned. The premium I brought in from my Call is $.20 on 50 contracts for a total of $1000. Not bad for a 3 day deal! Here’s my order:
Buy 5000 shares AKS @ $6.50
A also have an order in to buy 5000 shares of Yelp. On Monday I sold 50 contracts of Yelp $30.50 Calls also expiring Friday. Yelp has also been moving well. My order is in to buy at $30.40.
I am about to get in my car to drive to Boston. I will report if I get executed on the Yelp buy order as soon as I can. Right now Yelp is at $30.70.
Steve
The Options Coach