Wrote 3 covered calls for Seabridge after the big jump today. The May contract with a $20 strike price was selling at $2.05. I am in the 300 shares at $21.66.
If we close under 20$, I make 9.3% and hope for a rebound later in the year. If we close higher, the max I still make 1.6%. What do you option guys think of this play given that I think SA is rapidly becoming a dog...and I dont want to just sit on the shares?
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Wrote 3 covered calls for Seabridge after the big jump today. The May contract with a $20 strike price was selling at $2.05. I am in the 300 shares at $21.66.
If we close under 20$, I make 9.3% and hope for a rebound later in the year. If we close higher, the max I still make 1.6%. What do you option guys think of this play given that I think SA is rapidly becoming a dog...and I dont want to just sit on the shares?
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