The market has been mixed today ahead of Powell’s testimony before Congress and seemed satisfied with his remarks to go slightly bullish this afternoon. Our two Pharma stocks have traded up over the last several days and give us a chance to sell calls and collect premium on two of our uncovered positions.

TRADE ROLL

AbbVie (ABBV):  149.07

No real news on AbbVie the company but the stock price has held and traded higher over the last 3 days (up almost 4% today). We can sell an out of the money call 2 weeks out and collect a decent premium.

ACTION:  Sell to open ABBV 8 Jul 155 call for a credit of around 0.95 to 1.00.

TRADE ROLL

Gilead Sciences (GILD):  61.72

Same situation with Gilead … no real positive or negative news on the company and the stock is trading higher for the last 4 days. Let’s take the opportunity to sell a covered call today.

ACTION:  Sell to open GILD 1 Jul 63 call for a credit of around 0.35 to 0.40.