Bounced off $11 like it was a brick wall. If we can push through and finish over $11 this week, it's off to the races for the next month.
PGH cracked its head against $5.05 three times last Friday, but finally broke through at the end of the day. Now it's up 5% today and will likely continue until it hits more resistance in the high $5's IMO.
Also, PGH July $6 calls and PWE June $12 calls are still cheap, IMO. I bought a boatload of both about 3 weeks ago and they haven't changed much relative to the share price movement.
I sold those 5¢ calls against high $4 purses. I used a system called buy/write. I am hoping that it closes below $5 because i think the stock price is real cheap. The buy/write allowed me to buy the stock at a net price below the then current price. i bought it because of the dividend. If the stock price ends below $5, i will then be able to write the further out $7 calls for 5¢. In any case, i think you made a smart move.
i write a weekly column about writing stock options for Opportunist Magazine, an on line magazine.