NaughtyPines
Long

WFT COVERED CALL IDEA

NYSE:WFT   WEATHERFORD INTL PLC
With covered calls, I look for cheap underlyings with high implied volatility rank/high implied volatility and setups that will produce at least a 10% return if called away at the short call strike.

WFT             fits the bill, with a rank of 72, an implied of 84, and a 13.06% return if called away at the nearest out of the money strike.

Here's the setup:

Buy 100 shares WFT             at 8.52
Sell 1 Feb 19 9 short call
Entire Package: 7.94 ($794)
Max Profit: (If Called Away at 9) $106
Comment: Rolled my 9 short call down to the 6 for a .67 credit.
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