Just to give an update of my covered call sell for SQ. Just a quick reminder I bought 100 shares at 213.27 and sold a Feb26 220 call for 13.89.
After my buy the stock price quickly moved to 225 area for w1 and then pulled back to a low of 212.58 for form w2. With a BE of < $200, I had no concerns at the low.
Now that w3 is gaining ground, price is now at 221.50, so my call is in the money and has gone up in value to 17. So I have a gain of 8.23 in the stock and a loss of 3.11 in the option for a net of 5.12 or $512.
At this point I am going to assume that the stock price stays above 220, so at expiration so I expect to profit the 6.73 on the stock price gain to 220 and the 13.89 from the call for a nice profit of 20.60 or $2062, 9.7%
But the part I have always hated about doing spreads or covered calls is when I am in the situation I am in today. I know if I was at the expiration, I would have a nice profit, but I also know a lot can happen in a month. If the market were to turn down, I would have to take some action.
The best would probable just sell the stock and hold on the the call.
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