Sold to close FITB 7/15 expiration, $18.00 strike calls
Sold 7 contracts of FITB 7/15 expiration $18.00 strike calls at 48¢ This closes the position originally entered on 6/6 at $1.15. Total return less commission was -$482.20. Return per share after commission was -69¢.
Brexit killed this trade. The options are still in the money, but they did lose some of their value since I bought them (after initially running up some). I still think that the original long thesis on FITB will play out positively, but I don’t want to own too many shares, so I am selling a portion of my calls.
In terms of learning, I would say it drives home the importance of managing ones winners. With options, this seems more important than managing losers. I should have taken off these 7 contracts (that were never meant to be exercised) when I had a solid profit on them.