I bought 2000 shares of Micron (MU). This week I tried to sell 20 Naked contracts of the MU 4/21/17 $27.50 Calls. I was only executed on 8 of the 20 contracts. Today is Expiration Day for that Call. The stock is hanging around the Strike Price of $27.50. With the Call expiring today I decided to cover the Call with the 800 shares and buy an extra 1200 shares for a total of 2000. With the stock at $27.40 as I write it looks like I might not get assigned. If I don’t I have 2000 shares to sell a Call against for next Friday. I bought these shares at $27.40 and I’ll try to sell a Call with the Strike Price of $27.50. I’m gonna put the order in for a premium of 50¢. I’ll let you know if I get executed. Here’s the order for the buying of the 2000 shares:
Buy 2000 Shares MU @ $27.40
Steve
The Options Coach