I bought my covered calls back in my IRA on ADBE. I took a loss on the calls themselves, but have a better gain on the underlying stock. I like ADBE fundamentally and technically. The chart below shows the trend lines ADBE has been bouncing between. I also think the horizontal line just above 46 will continue to show support. That leaves limited downside and good upside. Buying my covered calls back on ADBE leaves me with only one stock, HAIN, that I have sold an option on and held in my IRA. HAIN has been on a great run, but typically has somewhat random pull backs that can be exploited. I’m waiting for one of those to buy my last IRA covered calls back. At that point I’ll only have long positions that I’ll let run as long as possible. If ADBE does find support today or tomorrow, I’ll consider a high limit on a strke well out of the money, maybe closer to 50.
