We had our short calls in Research in Motion expire worthless on Friday. This trade shows what covered writes can do. The stock closed down about a point below where we bought it, but the options were profitable to the tune of $1.95, so the overall position was profitable.
We also completed rolling our covered write in CME up and out. On Thursday we bought back the October $290 calls we had written. We opted to wait until Friday to sell the November $320 calls. This was a good, if risky move as we got several more points of premium by waiting one more day.
Otherwise, Friday was a fairly quiet day. Yes it was down a fair amount in the morning, but an afternoon rally brought the market back a long ways. Volume was not huge and the advance / decline stats were not terrible. VIX is still locked in a downtrend. Right now we continue to be long but cautious.
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