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OIB Trade Alert: BAC, C

I am recommending calls to sell against our uncovered shares of Bank of America (BAC) and Citigroup (C) to reduce our cost basis on the positions.

 

Note that these recommendations are only for people who already own shares of these stocks uncovered from previous positions.

BAC Uncovered Shares

Current Stock Price: $39.07

Cost Basis: $47.03

Action: Sell to open the BAC Mar Week Two (3/11) 41 Call

Current Option Price: $0.28-$0.29

Recommended Limit: Set your initial limit order for $0.28, but adjust as needed to sell a call today

New Cost Basis: $46.75

 Expiration: After the close on Friday, March 11

Potential Rate of Return: I am targeting breakeven for this position

 C Uncovered Shares

 Current Stock Price: $55.45

Cost Basis: $69.07

Action: Sell to open the C Mar Week Two (3/11) 57 Call

Current Option Price: $0.73-$0.75

Recommended Limit: Set your initial limit order for $0.74, but adjust as needed to sell a call today

New Cost Basis: $68.33

Expiration: After the close on Friday, March 11

Potential Rate of Return: I am targeting breakeven for this position

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