GS possible trade

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Negatives to the trade:

They have earnings right before expiration(Thursday). yikes!

Volatility is extremely high so the chances for smooth sailing are low.

Technical Indicators are deteriorating.

Positives to the trade:

The protection is out a ways, you have time. (puts are further out than the calls you are selling)

You can hedge with stock, buy more stock or sell exisiting position, or short stock depending on how bullish /bearish you are.

You can also continue to sell calls against the position, after expiration, because the insurance is in July.

Your yeild is rather high per month- your upside is limited or capped but you are using that to pay for your downside protection. It is a range bound trade.