In my second month of writing covered calls against the stocks that I own I have been able to grab another 1/2% of income for my portfolio. They are to expire next week.
The covered calls include:
MO $21 strike
AA $15 strike
GDXJ $27 strike
NLY $18 strike
MGM $12 strike
WFMI $32 strike
As of this post, the options that may be exercised are the NLY, WFMI, and the MGM calls. I expect that all three of these will expire worthless.....but I have been wrong before. We shall see.
For the two months of covered calls that I have written, I have been able to obtain a 1.5% of income for my portfolio. I expect that for the year, I should be able to obtain 10% from covered call positions alone.
JC sgsin, I sold some more calls on MGM and WFMI today bringing my added income for the month to 1% for the second straight month.
ReplyDeleteI do expect MGM, WFMI, and NLY to be exercised, however I have achieved some nice gains along the way and am locking those in.
I will buy back into MGM and WFMI and possibly NLY to grab the divy and another set of covered calls. NLY I might not hang on to much beyond April 2010 options expiration.