With MMM bouncing back toward $82 today, CCI sold one lot of Sept $82.50 covered calls against these shares today for $1.65 after commissions
- If the stock continues to rise, we will get called away at $82.50. We will take our 5+% monthly profit and go home. ($3 in capital appreciation, $1.65 in option premium).
- If the stock pulls back this option premium will lower the Break Even Point to under $78, and we will sit and wait to see what comes next.