Frequent readers know that CCI is bullish on Intel. (recent article here). Readers will also recall that back in October CCI had sold one lot of Nov $24 calls to provide a modest amount of downside protection through the earnings season. With Intel trading below $24 this morning we bought this call back. The trade had an immaterial gain, but I prefer to think of it as some small amount of insurance against an earning miss was held for no-cost.
When Intel bounced back towards $20.20 this afternoon, CCI re-established the covered call on one lot of stock via the $25 Dec calls for $.43 after commission. This allows my bullish thesis a little more room to run but re-establishes a little income/protection if by some "slim chance" my bullish thesis in Intel is wrong.
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