Sold new CELG Naked Put

I bought back the CELG naked put I had for last week’s June option expiration.  I would have done better to let it get assigned and then either sold the stock for a profit (trading at 61.30 now at 1:41 Tuesday) or sold a covered call on it.  I didn’t have a good feel for where CELG was heading since it had faltered lately and opted to take a profit while I had it.

After I bought that naked put back on Friday, CELG seemed to have found support.  I charted it again this morning and put an order in to sell two August 55 puts and not much later I changed my mind and switched it to the August 60 strike.  While CELG was trading at 60.20 I sold one August 60 naked put (LQHTL) and received $309.25 after commissions.  I started with only one option instead of the original two I had a limit order on at the lower strike.  With this option so much closer to being at the money (same price for current stock as option’s strike) the premium I received was as much for one option as it would have been for two.  If CELG continues to climb, I might sell one more at the same strike, but thought it wise to leg in a little slower with so much volatility in the markets now.