CLOSING (IRA): SPY MARCH 20TH 319, 320, 322 SHORT CALLS
... for a .31/contract debit.
Notes: Hard to believe that these were well in the money a few days ago, but they've largely done their job. Over time, I collected 11.70/contract in credits, and am closing out here for .31, so made 11.39 ($1139)/contract, all while protecting my SPY position from most of the bruising it got over the last week. (See Overwriting Post, Below). The downside (if it really is one) is that the entire position has returned to net delta long, although I've still got a QQQ long put diagonal hanging out there (See Post, Below) providing me with some short delta that was erected as a secondary hedge against.
The 370's have gone no bid, so will just leave those on to expire ... . Generally, I like to erect these on strength, but may re-up if I can sell calls clear of those all-time-highs and get paid to do so.
Notes: Hard to believe that these were well in the money a few days ago, but they've largely done their job. Over time, I collected 11.70/contract in credits, and am closing out here for .31, so made 11.39 ($1139)/contract, all while protecting my SPY position from most of the bruising it got over the last week. (See Overwriting Post, Below). The downside (if it really is one) is that the entire position has returned to net delta long, although I've still got a QQQ long put diagonal hanging out there (See Post, Below) providing me with some short delta that was erected as a secondary hedge against.
The 370's have gone no bid, so will just leave those on to expire ... . Generally, I like to erect these on strength, but may re-up if I can sell calls clear of those all-time-highs and get paid to do so.
