June Expiration
Following testimony from the Federal Reserve Chairmen on Wednesday there has been wild rotation in the markets, which has impacted some of our positions expiring today.
Below is where we stand with each position, with the headline of sorts being all four positions are at a profit, we will very likely not be adjusting any positions today, and will evaluate where we stand come Monday morning.
FNKO – Bought stock at 22.08 and sold the June 22.5 call for $1.98.
With the stock trading at 21.30, we will walk away with our profit of $198 per covered call, however we are down $78 on the stock position.
Should the stock close below 22.5 today (likely) you do not need to adjust this position and come Monday, once the call has expired, we will either sell a new call, or sell the stock and move on to better opportunities.
IGT – Bought stock at 22.95 and sold the June 23 call for $1.40.
With the stock trading at 23.5, we will likely walk away with our profit of $145 per covered call, or a yield of 6.72%. You do not need to adjust this position and come Monday we will not have a stock or option position in IGT.
PGNY – Bought stock at 60 and sold the June 60 call for $3.
With the stock trading at 63, we will walk away with our profit of $300 per covered call, or a yield of 5.26%. You do not need to adjust this position and come Monday we will no longer have a stock or option position in PGNY.
RRC – Bought stock at 14.68 and sold the June 14.5 call for $0.81.
With the stock trading at 14.2, just $0.30 below the strike price we sold, this position could be interesting to see how it plays out.
Regardless, we are in good shape, and we will simply step back, and evaluate where we stand Monday morning.