We are long 800 shares with a cost basis of $12.90 against eight January 17 calls shorted for 0.80. It is time to cover the calls, since they can be bought for as little as 0.05. Do so, shorting eight February 17 calls at the same time for 0.40. If successful, we’ll have rolled the covered write and reduced our cost basis on the stock to 12.55.
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