SRPT Covered Call

I was in this trade much longer than usual. Started it on 11/11/16 with SRPT trading at $40.01. I saw the stock drop as low as $27.75 during the trade but I stayed in it. Normally I would have closed with a stop loss but SRPT and I are old friends and I have ridden it up and down like this before.

Today it finally jumped up to much for me to continue to trade and I closed the covered call position. Over the 252 days I was in this traded I rolled the weekly covered calls over 20 times, sometimes having to go out 2 weeks to try and keep the trade somewhat bringing in premium.

Today I closed it with a 11.50% profit which is only 16.64% annualized. Not one of my best but certainly not one of the worst.

I do not recommend SRPT to the novice covered call trader. The spreads can be a pain in the option contracts if they are deep in the money, which is also why I closed today. The big jump over the past 2 weeks made it too difficult to continue the trade.

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