Here We Go Again: Finishing the Day with Covered Calls In the Money

 August 29, 2023

So, SPY went up 1.45% today ($6.40 / share) to finish at $449.16.  This put my 445 covered calls expiring today way out of the money.  At close yesterday, SPY was at about 442 and a 445 strike had a 16% delta...  until news of a reduction in job openings and lower bond yields caused a rush to buy in the market.

So, at the end of the trading day, I rolled my 445 covered calls to 449, expiring in 14 days on September 12 for a net premium of about $0.27 / share.

What should I have done?

Right now, I'm thinking that as soon as SPY hit 444, I should have rolled up and out before getting swamped...  Ideas?

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