They usually do for my trades, but today was a "Rogue Wave" As the famous James Cordier said. But unlike him I actually I did not buy back my short calls they became covered calls once I exercised my long call and had stock delivered. I am long stock and short the 416 calls for jul 18. I was expecting to be assigned stock on that 415 put friday as the market started the decline I went and sold short calls. When the market to a hard turn it looked like everything as expected but the opportunity to buy the 415 calls just in case at 30 cents or less availed themselves I went ahead and hedge just in case. so yeah I did not have to spend friday dealing with that crazy run up. Yeah if I could go back in time I would have loaded up on the calls. Important lesson always hedge, or end up like that James Cordier.
perhaps i'm misunderstanding something here, but in this case, why exercise the contracts? wouldn't you be better off a) closing the puts for a profit, b) selling the long calls for a profit, and c) using the combined sum to pay the cost of closing out the naked shorts? the math should put you in the same exact spot, but without assignment fees and that whole process...