Exercised FITB 7/15 expiration, $18.00 strike calls
Exercised 8 contracts of FITB 7/15 expiration $18.00 strike calls. This closes the position originally entered on 3/2 at $1.15. Basis including commission for this position is $15,341.90, or $19.18/share. Given that FITB is currently priced at $18.54, the position is starting with an unrealized loss of $509.90, or 64¢/share.
Last week I reduced the original long call position, anticipating that it would end in the money. I continue to view Fifth Third as a strong regional banking franchise, which should do well following earnings report on July 28th.