Stock at 587
June 575 short call $15.50(of that there is still $3.50 in time premium remaining, $350 per contract)
July 575 short call $28.50 ($16.50 of time premium)
at first glance you might worry about that ITM june short call since price of stock is above the price of the call.. but as you know (or as i hope you know)..come friday for opex, that $350 will have decayed away to my benefit (profit). with the EU uncertainty hanging over everything this summer im leaning towards rolling this short call to same strike for July to give me good upside (that $16.50) and having excellant downside protection (the $28.50 if it closes below 575 for july)...the July 575 will decay a bit by friday, but by sitting tight and squeezing out the majority of that $350 time decay for June, you can make $300 per contract.. remember with diagonal spreads..money is made by sitting not trading.
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