We sold 2 CME October 310 calls, at $12.80, against stock that we already owned. The calls were sold slightly out of the money (CME was trading at 307.10 a share).
We did this to protect a position that has risen from a recent low of $263.40 a share. If the stock were to correct here, the call option sale will partially hedge us. If the stock contines up above $310, we would have a nice profit on expiration day.
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