NaughtyPines

BOUGHT CLF COVERED CALL

NYSE:CLF   CLEVELAND-CLIFFS INC
Bought shares at 6.04; sold the Sept 30th 7 call; filled the entire package for a 5.85 db             ; $115 max profit if called away at 7 (19.7% ROC ).
Comment: Covering the Sept 30th 7 call for a .05 debit and opening the Oct 28th 6.5 call for a .28 credit, reducing my cost basis in the shares further.
Comment: My current cost basis in the shares is 5.62/share with the selling of that 6.5 call.
Comment: Rolling the Oct 28th 6.5 to the Nov 18th 6 short call for an additional .24 credit; keeping the short call in tight to my cost basis.
Trade closed manually: Covering this setup for a whopping $15 per 100 shares/contract. Freeing up buying power for something I'm more "attracted to."
Comment: Here's the whole chain: 8/22: Bought shares at 6.04 and sold the Sept 30th 7 calls for a $585 db. 9/12: Covered the Sept 30th 7 calls for a $5 debit (near worthless). 9/12: Sold the Oct 28th 6.5 calls for a $28 credit. 10/11: Rolled the Oct 28th 6.5 calls to the Nov 18th 6 calls for a $24 credit. 10/26: Closed for a $558 credit. Total credits received minus total debits paid minus fees/comm's = $15.42. Basically, the stock "went nowhere," but I still made money, albeit a small amount.
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