Covered DRYS Naked Calls

I’m slammed at work today (and probably the rest of the week) so this will be short.

DRYS beat earnings and the shares which started to run up last week ran further.  I already owned 200 shares, but sold four new calls not far enough out of the money.  This morning, instead of buying the calls back for a loss, I bought 200 DRYS shares for $21.94.  I’ll take a loss on these shares, but thought it was better to buy the shares than to cover the calls which have $1.00 of time value left.  If I had more time I might have waited and watched, but I needed to cover and get back to work.

I’m still short two naked puts at 17.50 that I haven’t closed yet.  I’m letting those ride for now as I am my other two DRYS November 30 calls.  I’ll review again tonight when I have time and my change my plan again.