"The stock is a LOT closer to my desired points now than it was. And I'm still short the $7.5 covered calls so will (probably) be forced to sell shares some at $7.50 in the future."
The stock continued to drop. Now, I think it is too far to the LOW side. I said it was too high when it went up, and I sold the $7.50 calls for a great premium, even though the stock was much higher. Today those $7.50 calls expire. And yes they WILL expire, as it won't get called away. Puts my cost basis on those specific shares down to about $3.10 per share, and Monday I'll write calls again.
Really thought the stock would drop when it screamed up. But really thought it would stop dropping two points higher than it is at right now.
The $12.50 puts expired, as stated previously. The $8.50 puts expired too. Today though I have the $6.50 puts, so those I shall have to roll over. Will take a rare loss on this stock on that specific trade to roll it. Will roll it for probably still the $6.50 puts though. Won't lower it, as I had been doing weekly as I thought the stock was overpriced. Now, thinking it is maybe underpriced, I'll do in the money roll of puts for the first time. Pick up the extra premium. The stock keeps giving. Sorry for you guys who are now down. I still wish it were closer to $7.50, my thoughts of full valuation, but I'm still a believer. " I'd be happy if it closed at $7.40 that day and I kept the stock but also kept the premiums." yes, I keep the premiums. But the next roll premiums will be lower, since the stock is lower than $7.
Last thought. I have not yet, but I might add to my position when this falling knife seems to have ended or starts to subside. Since I think it is under valued. Can use the premiums that I am collecting to buy the extra shares, and not really spend any new money.
Later all. Good luck to us, and looking forward to the drop finally ending.
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