Bausch Health Companies Inc (BHC)

[JLS]

Have to watch this thing all day.

If I can cover my CCs by a penny or two (thus pocketing most of the gain from selling them), I might do that but the odds would be much less than 50%.

Why, since selling new Calls today would likely return more than if I did that early next week (because Calls sold today would have more time value)?

Because BHC is likely to trade lower sometime during next week, and having the shares assigned this week gives me the opportunity to buy new shares cheaper next week. Buying shares back cheaper is worth more than the larger amount I would get by selling new Calls (expiring next week) on existing shares today. Also, with the market at current levels, and in the current political climate, it's best to be in cash over the weekend.

Another basis for that reasoning is that the price of BHC virtually always swings much more in a single day than any amount I can get for selling an ATM Call on any day. So allow the shares to be assigned this week then buy them back cheaper next week, and let the weekend news do whatever it wants.