... for a .45 credit.
Comments: Attempting a little bit of cost basis repair here, probably later than I should have. Since it's a small position, I felt okay rolling the short call out in time to a quite lengthy duration to get paid something "decent," but the underlying hasn't seen fit to move upward with any conviction. The resulting setup is a July 15th 8/16 covered strangle (short strangle + stock).
Cost basis in my shares is now 13.64 relative to today's closing price of 11.21, so I've still got a little work to do to bring it more in line with where MJ's currently trading. Since it's a small position, I'm fine with being patient with it, but would be happier if my cost basis was lower than current price.
Comments: Attempting a little bit of cost basis repair here, probably later than I should have. Since it's a small position, I felt okay rolling the short call out in time to a quite lengthy duration to get paid something "decent," but the underlying hasn't seen fit to move upward with any conviction. The resulting setup is a July 15th 8/16 covered strangle (short strangle + stock).
Cost basis in my shares is now 13.64 relative to today's closing price of 11.21, so I've still got a little work to do to bring it more in line with where MJ's currently trading. Since it's a small position, I'm fine with being patient with it, but would be happier if my cost basis was lower than current price.
Trade active:
I've got so many defensive rolls here that I'm just going to add on in the comments. Here, rolling the July 15th 16 short calls to the December 14's for .60 credit. Cost basis in my shares is now 13.04. I generally don't like to roll out this far in time, but also don't like to roll below cost basis. It's a small position, so I'm fine if it takes time to work out (which it appears to be doing).