BTC 2 GLD Oct. 28 163's @ 5.15
STO 2 GLD Nov. 19 165's @ 5.95
This is another example of rolling out a short time period and having your cake and eating it too. GLD had a nice run up to ~169 and we were able to write new covered calls that allow us to participate 2 more dollars per share on the increase and bring in income of $80 per contract. This lowers our cost basis by .80 and provides .80 more downside protection. In addition the expiration date for these calls is only 3 weeks out.
I will only roll out a covered call if it brings in income. Chasing price increases and paying for that right brings Don Quixote to mind...
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