The ACH Apr 26 Call options got called out even though it corrected steeply (> 6%) on option expiry day last Friday as it stayed above $26. Thats the beauty of "at-the-money" call options. I am left with STLD & GG and get to write options again into May. In fact, it would be the 3rd cycle for GG. i.e I have written call options twice before & this would be the 3rd time against the same batch of stocks bought in Mar. As for May's options play, I wrote the May 18 Call for STLD @ 0.7 & the May 40 Call for GG @ 1.15. I also bought back some ACH stocks at an average of 26.2 & sold the May 26 Call option @ 1.2.
The fundamental picture is strong for equities and the news from the 1Q reporting season has been very supportive so far. I continue to maintain a cautiously positive outlook of the market in the short to medium term.
Current Trades:
STLD: Bought stock at $17.80, Sold the May 21 Call for $0.7
ACH: Bought stock at $26.2, Sold the May 21 Call for $1.2
GG: Bought stock at $38, Sold the May 21 40 Call for $1.15
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