NaughtyPines

BOUGHT NE COVERED CALL

NYSE:NE   NOBLE CORP PLC
3 months ago
Bought shares at 6.07; sold the Sept 30th 6.5 call; filled entire package for a 5.78 db             ; max profit $72 (if called away at 6.5) (12.5% ROC).
2 months ago
Comment: Covering the Sept 30th 6.5 call for a .10 debit and opening the Oct 28th 6 call for a .29 ($29)/contract credit. Just continuing to reduce my cost basis in my shares, while keeping the short call strike above my cost basis.
2 months ago
Comment: Selling Nov 5 puts here for a .36 ($36)/contract credit. This isn't the preferred method to reduce cost basis in long delta stock (since it adds more long delta), but I think it may have seen somewhat of a bottom here.
2 months ago
Trade closed manually: Covering the short put portion of this show for a .14 db here, so about $20 net profit per 100 shares/contract (>50% max profit). $20 doesn't seem like much, but it's all a matter of scale (e.g., 10 contracts would make that a "nice little winner"). Shout out to PKA for his idea to sell those.
2 months ago
Comment: Still have the covered call on, which is in-the-money.
2 months ago
Comment: This is the last covered call I have on that has a short call expiring in October. (The remainder I've rolled out to November or December). As you can see, price has dribbled back and forth across that $6 mark. As usual, I'm waiting for the short call to approach near worthless (.05 or less) or for price to break my short call at expiration. If price stays below $6 at expiration, the short call will expire worthless, and I'll continue to sell calls against to reduce my cost basis in the shares. If it's above, I'll look at whether I can roll out the call "as is" for an additional credit that is "decent" or allow the shares to just be called away. I can always reload on the position by selling puts below current price going forward.
2 months ago
Trade closed manually: Covering here for a small net profit for the covered calls, rolls, the sale of the short put ... . Reducing petro exposure and freeing up buying power. I'll look to reinitiate a position if I can get something decent out of 5.5 or 5 short puts.
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