NaughtyPines

Opening (IRA): UAL October 15th 48/60 Short Call Vertical

NASDAQ:UAL   United Airlines Holdings, Inc
... for a 1.07 credit.

Comments: I have a September 17th in-the-money 48 short put that I will be assigned on, as I don't see this ripping to 48 by the end of the day. The short call aspect of this spread will cover the stock once I'm assigned, with the buying power attributable to the spread being freed up after assignment of the stock. Because I've attributed the credit received for the 48 to another UAL position (January 47 covered calls), I'm treating this as a new trade for cost basis purposes with the resulting cost basis being the short call strike (48.00) minus the credit received here of 1.07 or 46.93/share.

I ordinarily just wait until assignment, but wanted to do some of my post-opex housekeeping today.