On April 7, I posted the following: "I purchased 1/2 block (5000 shares) of WFC at 15.21 and hedged the shares by writing 50 May strike 10 calls at 5.91 for an intrinsic time value premium of .71contract. If the shares get called away by the third week of May, I pocket 3,5550.00 on a 76,050 investment in reoughly 5 1/2 weeks. If the shares are below the strrike of 10 by option expiration, it will be a good further hold nevertheless, considering the much improved conditions in the health of the financial markets."
Today, I sold the shares at 19.48, and covered the calls at 9.7/contract for a profit of .48/share times 5000 shares. Not a bad return in 2 days. Though there was still time value remaining, I wanted free up the capital to occupy it in holding that would have more intrinsic value.