I was watching U.S. Steel (X) all day and it was moving above and below my $19 Strike Price. I have 50 Naked contracts of the $19 Calls expiring today. When it was at $18.95 I decided to cover my 50 Contracts. It was moving nicely all day so I’d rather be safe than sorry. I now have a Covered Call expiring today. The market started moving up big and my biggest fear was to have the stock go to $20 while I was Naked. As it happens so often, as soon as I bought the 5000 shares the stock moved down to $18.85. I’m hoping it returns above $19 and I get assigned. I do not want to hold these shares over the weekend. I bought just in case the stock took off. I will continue to watch closely. Here’s the buy order:
Buy 5000 shares X @ $18.95
Steve
The Options Coach