Writing UYG March Covered Calls
February 1st, 2010
Sell to open Ultra Financials ProShares (UYG) March 6.00 covered calls. All the moving averages have flattened out on UYG so I’m writing some calls to capture some time decay. UYG is below the 50 and 100 day MA as well. I might consider converting this to a short strangle by selling some March 5 puts. I’ll see what tomorrow brings. UYG/XLF didn’t seem to drawn down nearly as much as the other indexes last week.
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