Hello everyone. I got caught in the fever of selling GNUS (Yeah, I know, no need to remind me ) Puts because of the vol. But after a couple of weeks I got assigned a few thousand of the little bastards as I should have expected from day one. I begun to sell calls against the shitty position to lower basis and to hopefully be called away. I sell the 1.5’s every week cause it seems I can earn a little more, as the price is almost the same looking at later dates, and looking the more optimal/habitual 45 days out calls that I use for serious stock. Fills are not fast but been steady every week with the small surges in price. I even leave a few orders at higher limits in case the thing ‘explodes’. My basis is about 1.2 at the moment. I appreciate any suggestion for a more complex or efficient strategy to make my way out, or at least squeeze the max possible. I don’t have US tax implications so maybe that could broaden the alternatives.
A few day ago it ran up to 1.35. I would just put some limits in and hope for another pump&dump move if you can afford to lose even more or alternatevly sell them at 1.
Funny how a meme position aged this well, after all the time selling calls against now I have a riskless / negative basis in what's left of my long stock. And also managed to sell at very good profit much of the position that I intentionally left uncovered after seeing that many frequent pops.