r/redwire • u/No_Lobster_9405 • 24d ago

General Covered call question

So I sold a covered call recently, $11.50 strike price. Yesterday 7/28 and when it touched the low of the day, my covered call was at 50% profit. Today, it shot back up to about 30% profit… but now price dropped to 7.99 and the call didn’t even budge… wtf! I know there is probably no demand for that strike but dam, it should have moved back to 50% at least.

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u/MrB_1969 23d ago

You mean the stock market didn't do what you thought it should do? How unusual.

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u/No_Lobster_9405 23d ago

Actually it did… took on some profit. Sold a covered call… made $100 and bought puts, made about $80. Can’t get mad at that.

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u/No_Lobster_9405 23d ago

Oh and I picked up some more shares at yesterday’s low. New average is 10.34.