Buy Solazyme (SZYM, $12.40, up $0.12)
Sell to OPEN June 15 calls (SZYM120616C00015000, $0.40, down $0.105)
Action: For every 100 shares you buy of Solazyme, sell 1 contract of the June 15 calls for 40 cents. This will lower our cost basis to $12.00 If shares are called away in mid-June at $15 the trade will make 25%.
Buy Bank of America (BAC, $8.93, up $0.14)
Sell to OPEN May 9 calls (BAC120519C00009000, $0.45, up $0.05)
Action: Our current BAC trade will likely get called away this Friday at $8 so let’s go ahead and reestablish positions.