Too many people are wary. Screw me once, shame on you, screw me twice, shame on me.
I'm not sure it's a worry. Let's call it an unknown concern. I would think the buyback though, would be in overdrive mode.
Probably as simple as this:
OK, I (We) have 2½ million shares, and if you want them for $17, plus the premium, they're all yours.
Same thing setting up for the June $19's.
....seems like good insurance to me, especially if you are leveraged.....
Yes, that makes perfect sense. I too have been writing puts, but unlike Don, mine are all $12, $13 and a few $14. All naked. Only go out 2 months max. Don't want to tie up buying power too long. SP has just been too volatile lately. Not like it was 2 years ago. Then you could really make money.
SP holding up nicely. Sold some more covered calls. I realize I'm playing with fire though, as any given day could see a huge spike up. Keeping my fingers crossed and hoping for a gradual rise that can be managed.