Bought SPDR Growth S & P 500...Did a covered call

[Cabin111]

I bought 200 shares of SPDR Growth...Symbol SPYG. I should have been more patient...Bought it at $59.90, I could have/should have waited a few more minutes. But, I wanted to get the covered calls sold quickly.

Sold the covered calls (2) for Sept 22 $60. I got $5.20 ($1,040.) for the options...Minus fees. Also a .7% dividend...It's in my Roth IRA so no tax issues. Just me...

 

[murray t turtle]

I bought 200 shares of SPDR Growth...Symbol SPYG. I should have been more patient...Bought it at $59.90, I could have/should have waited a few more minute. But, I wanted to get the covered call sold quickly.

Sold the covered call (2) for Sept 22 $60. I got $5.20 ($1,040.) for the options...Minus fees. Also a .7% dividend...It's in my Roth IRA so no tax issues. Just me...

%%
I like SPYG/ its like SPY but groWth stocks portion .
SPYG actually up on 12 month/yr charts. Sorry its so far below 50dma 200day moving average.
Still a good long term investment/tax free Roth.
May get a up bounce @ $58; i got back in sds + SPXU /took profits off spxs.

 

[BKR88]

I could have/should have waited a few more minutes. But, I wanted to get the covered calls sold quickly.

You can place 1 limit order to buy the equity & sell the calls at the same time. Prevents you from chasing the calls if the market is moving quickly after purchasing the equity.

 

[Cabin111]

You can place 1 limit order to buy the equity & sell the calls at the same time. Better in case the market is moving quickly.

I have a lot of cash (money market funds) earning diddly/squat...Had to put the money somewhere. Long term hold, if markets go south...

 

[BKR88]

I have a lot of cash (money market funds) earning diddly/squat...Had to put the money somewhere. Long term hold, if markets go south...

I just meant your order placement. Sounded like you purchased the equity then got in a hurry to sell the calls. No need to rush if you buy the equity and sell the calls as 1 limit order rather than 2 separate trades.

Schwab Example:

 

[murray t turtle]

I have a lot of cash (money market funds) earning diddly/squat...Had to put the money somewhere. Long term hold, if markets go south...

%%
I 'Ve traded SPYG for profits enough to like it\even though it draws down more then SPY sometimes.
SPY benchmark has been going south most of the year. An idea i got off elitetrader= SPLV.
SPLV is a strange one \it does not go up or down usually as much as SPY or SPYG.
Almost bought SPLV again but i lost enough on UPRO\JAN,+ think most of MAR maybe down for SPY. MAR maybe good for SPXS/SPXU NOT a prediction

 

[Cabin111]

I just meant your order placement. Sounded like you purchased the equity then got in a hurry to sell the calls. No need to rush if you buy the equity and sell the calls as 1 limit order rather than 2 separate trades.

Schwab Example:

View attachment 279793

I like to set limits on my call options. With the above (once I bought it), I put the option price in at $5.30. In a few minutes I dropped it down to $5.20 and it got filled.

I will usually drop down 5/10 cents every few minutes. So much of my profits are from the call money and not the underlying stock...