It's a bullish play. You only have $37 protection to downside but $88 protection to upside.
If stock falls between $463 and $588 you make money.. If it runs past, you just leap up or down with either call or put
at Friday's closing prices you are already $5 in the green from your selling prices..
YOu are an experienced trader and have eyes on this 24/7..I do not encourage anyone to sell puts. This is not a market sentiment but it is just too complicated of a suggestion....In the past, I said to sell puts only if you buy a HEDGE PUT. a HEDGE PUT is only affordable IF you sell a covered call with the put then subtract that net.of the two sales from the strike price to give you the HEDGE OUT strike price...
A month ago..I suggested...stock was $520
SEll JAN 2014 $520 call and put for $147 and Buy a $390 put for $24..
Let's take a look with Friday's close... the sale of both options is down to $121 and the purt fell to $20...so a net profit of $17 if closed out on Friday's close