HIMS in supply

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Hims just hit the supply zone on a very bullish market. This is usually where I sell covered calls, or if in a spot trade sell shares. I sold covered calls today and have been layering up as the stock pumps. This is one of my largest holdings. It will be a battle for the stock to take this red box with conviction on short notice but anything is possible.

My plan:

I went with a safe spread of 31/32/35 covered calls with most of my shares at 35.
This will allow me to capture another ~500$ share appreciation per 100 shares if the stock really pumps, the 31/32 spread is for premium and I will manage those if I need to. I am ok with letting 20-25% of my shares get called away if I am close to strike on expiration since I own so many shares in my spot only account.

Summary: Short term bearish on price action
Long-term very bullish

Penafian

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