Due to the nature of my work I cannot sell uncovered options. I need 100 shares. I currently own 45 with an average buy price of $370.
It's currently at $170. If I didn't own the stock, I would buy it now.
Is it worth buying because it's cheap? I would buy another 55, just so I can sell 1 option contract OTM, 1 month out for a measly 30-100 bucks or so.
Due to the nature of my job, I can only do 30 days or longer selling covered calls, so the best strategy woukd be to let them expire. I also am not allowed to buy options less than 1 year out.
My overall portfolio is still up, but this one weighs heavy on me. Lol.
Edit: for those asking about the restrictions, I work at a BD and cannot speculate (thus no naked calls) or day trade or do anything that would appear that I am manipulating the market. Everything I do must be pre approved as well. Yes, a wall street person can lose money in their PA. None of this is financial advice. Please don't do what I'm doing lol.
