Price is going nowhere. I'm about ready to sell a SPY call. Deciding on a good price. Of course, as soon as I do this, price is going to shoot upward
Gap up outta nowhere! Glad I didn't sell that option yesterday. We're 7 cents away from the 52 week high.
Thinking very strongly about selling a September 145 call. It's only $73 though which will be about $64 or something after commissions.
9/6: Open position: SPY: $570.00 Call proceeds: $64.75 ------------------------------------ $635.75 15 calendar days until option expiry Max potential SPY value is $144.99 ($692 profit) above which my position will be called away.
That's a four year high. Selling a call on a breakout to four year highs may not be the best strategy. Had you considered buying a call instead, risking a portion of your open trade equity to lever your profit potential with a limited risk? I'm not trying to be critical. I mean to offer a serious question. You held the position this long through an extended consolidation, and then you chose to cap your profit potential on a breakout day that looks to be opening the way to a rally back to the all time highs over the next few months.