Okay, since the transfer from Ameriprise has finally taken place, I moved ahead with the covered call strategy, establishing a total of eight positions, including the GLW and IP that were already in place. I established a 20% cash reserve and invested the remaining funds in shares, as follows:
AA - 400 shares at $10.24
CMCSA - 200 shares at $21.89
COP - 100 shares at $69.81
CSX - 200 shares at $21.71
DIS - 200 shares at $34.55
GE - 200 shares at $16.28, additional 200 shares at 15.99
GLW - 200 shares at $13.60 (actually purschased last month)
IP - 200 shares at $25.29
My goal was to invest no more than 10% in each company, but because I needed to work in round lots, the allocations work out to be more around 12% on average.
In any case, I have sold covered calls on all of these positions - I'll list the initial options below, and then in a future post will discuss those I have adjusted or closed.
AA - 4 Dec 11s netting $124
CMCSA - 2 Nov 22s netting $75
*COP - 1 Nov 70 netting $140
CSX - 2 Nov 22.50s netting $39
*DIS - 2 Nov 36s netting $80
GE - 4 Jan 17.50s netting $137
GLW - 2 Jan 15s netting $110
*IP - 2 Nov 26s netting $196
These positions have subsequently been adjusted. I will post a follow-up on these transactions.
It is options expiration week, so I have CSX and CMCSA shares sitting under calls, we'll see what happens Friday.
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