Last week we tracked four positions heading into the Memorial Day holiday week. All four closed as winners — every single one. This week the landscape is more nuanced: two positions are in the money but sitting on substantial unrealized gains, one flipped OTM after a pullback, and the rest of the portfolio is quietly letting theta do its work. Let's go through everything.
✅ Last Week's Recap: Four for Four
| Ticker | Position | Opened | Closed | Net Profit |
|---|---|---|---|---|
| SLV | Short $76.50 Call ×2 | May 12 @ $4.06 | May 26 @ $0.06 | +$799.81 |
| HOOD | Short $83 Call | May 21 @ $0.45 | May 26 @ $0.13 | +$31.90 |
| UNH | Short $400 Call | May 18 @ $2.96 | May 26 @ $0.22 | +$273.90 |
| INTU | Short $300 Put | May 21 @ $6.00 | May 28 @ $0.70 | +$529.89 |
Combined: $1,635.50 — beating the projected $1,548 by $87.
INTU was the standout. Selling into the post-earnings IV spike and closing at 88% of max profit in seven days is exactly the kind of high-conviction entry that makes this strategy work. The SLV roll cycle also delivered cleanly — $800 net premium on a contract that expired $8 below strike.
🔄 What We Rolled Into
Three of the four positions were immediately redeployed:
- HOOD rolled from the $83 Call (May 29) → $84 Call (June 12) → then further to the $93 Call (June 12) after HOOD surged on its Agentic AI launch
- UNH rolled from the $400 Call (May 29) → $400 Call (June 5), same strike, one week extended
- SLV was closed flat — capital redeployed elsewhere
📋 Current Open Positions — Staggered by Expiration
Here is every active short position as of Sunday, June 1, 2026, with actual cost basis factored into each assessment.
📅 Expiring June 5
1. NVTS — Covered Call, Short $29.50
| Average cost basis | $28.91 |
| Current price | ~$26.00 |
| Strike | $29.50 |
| Status | ✅ OTM — $3.50 cushion |
| Premium collected | $134.94 (May 27 @ $1.35) |
| Days remaining | 4 |
NVTS had a dramatic week. It hit an all-time high of $33.82 on May 26, which briefly put the $29.50 Call $2+ in the money. Since then it has pulled back sharply to $26, flipping the position comfortably out of the money with only four trading days left.
With a cost basis of $28.91, even a full assignment scenario at $29.50 would have been profitable — generating $59 in stock gain plus $134.94 in premium for a total of approximately $194. That was never a losing trade; it just required patience.
Today the position is healthier than it was at any point this week. Theta decay is accelerating and assignment risk has essentially evaporated unless NVTS stages another sharp 13%+ rally before Friday.
Assessment: ✅ No action needed. Let theta finish the job. Full $134.94 premium on track to be kept.
2. UNH — Short $400 Call
| Current price | $379.58 |
| Strike | $400.00 |
| Status | ✅ OTM — $20.42 cushion |
| Premium collected | $194.94 (May 27 @ $1.95) |
| Days remaining | 4 |
UnitedHealth continues to trade range-bound between $375–$385, weighed down by a new Massachusetts Medicaid fraud lawsuit and Berkshire Hathaway's continued exit from the position. The $400 strike is $20 away with only four days remaining. A $20 move in this environment is essentially impossible without a major catalyst.
Assessment: ✅ Expires worthless Friday. $194.94 premium locked in.
📅 Expiring June 12
3. HOOD — Covered Call, Short $93 🚨
| Average cost basis | $75.00 |
| Current price | $94.30 |
| Strike | $93.00 |
| Status | 🔴 ITM — $1.30 over strike |
| Premium collected (this leg) | $216.94 (May 29 @ $2.17) |
| Profit if assigned | ~$2,017 ($1,800 stock gain + $217 premium) |
| Days remaining | 11 |
HOOD surged from $84 to over $94 in a single session on Friday after announcing Agentic AI Trading — allowing customers to connect third-party AI agents directly to their brokerage accounts to trade autonomously. The launch of a Trump Accounts app the same week added to momentum. Robinhood is firing on all cylinders and the stock has gained 28% in the past week.
Let's be clear though: this is not a problem position. With a $75 cost basis, assignment at $93 locks in $18/share in stock appreciation plus the $217 premium — roughly $2,017 total profit on 100 shares. That is an excellent outcome. The question is not "how do I avoid a loss" — it's "do I believe HOOD keeps running past $93, and is it worth paying to stay in?"
Given Robinhood's aggressive product expansion and multiple analyst upgrades (Mizuho raised to $115, Deutsche Bank to $88), the bullish case for rolling higher is real. Rolling to a July $100 or $105 Call would collect meaningful premium while preserving additional upside if the AI narrative continues.
Assessment: 🚨 Active decision needed this week — but both paths (roll or assignment) are wins. If bullish on HOOD's AI momentum, roll to July $100+. If satisfied with $2,000 profit, let it be assigned.
4. ONDS — Covered Calls, Short $11.50 ×2 and $12.00 ×1
| Average cost basis | $10.97 |
| Current price | ~$13.22 |
| Strikes | $11.50 (×2) and $12.00 (×1) |
| Status | 🟡 All three ITM |
| Premium collected | $93.84 total |
| Profit if all assigned | ~$303 ($209 stock gain + $94 premium) |
| Days remaining | 11 |
All three ONDS contracts are in the money, but this is a profitable assignment candidate, not a problem position. With a cost basis of $10.97, every share called away is a winner:
- 200 shares at $11.50 → +$0.53/share = $106 capital gain
- 100 shares at $12.00 → +$1.03/share = $103 capital gain
- Total stock gain: $209
- Plus option premiums: $93.84
- Total profit if fully assigned: ~$303
The decision here is purely about conviction. If you believe ONDS has further to run beyond $13, rolling up and out to the $14 or $15 strike in July makes sense. If you're comfortable with $303 profit and want to redeploy the capital, assignment is a fine outcome — you can always sell a cash-secured put afterward to re-enter at a lower price.
Assessment: 🟡 Profitable assignment. Classify as "willing to be called." Roll only if you want to hold the shares long-term. Otherwise, take the $303 and move on.
5. BBAI — Short $4.50 Call
| Current price | ~$4.10 |
| Strike | $4.50 |
| Status | ✅ OTM — $0.40 cushion |
| Premium collected | $23.94 |
| Days remaining | 11 |
Small speculative position, minimal management needed.
Assessment: ✅ Monitor loosely. Likely expires worthless.
📅 Expiring June 18
6. RDDT — Covered Call, Short $185
| Average cost basis | $182.50 |
| Current price | $176.00 |
| Strike | $185.00 |
| Status | ✅ OTM — $9.00 cushion |
| Premium collected | $109.94 (May 26 @ $1.10) |
| Profit if assigned | ~$360 ($250 stock gain + $110 premium) |
| Days remaining | 17 |
RDDT closed at $176, up nearly 5% on Friday. The stock remains volatile — it dropped 6% when Meta announced the "Forum" app on May 22 before recovering. The $185 Call has a comfortable $9 buffer with 17 days left.
This position is different from HOOD and ASTS in an important way: the call strike is only $2.50 above the cost basis. If RDDT pushes above $185, the potential capital gain is capped at just $250 on the stock portion. For a position sized around a $182 average cost, that's relatively thin upside headroom versus the long-term growth story. Reddit reported 69% revenue growth year-over-year in Q1 and analysts have price targets up to $285.
If RDDT approaches $180–182, that is the trigger to evaluate rolling to a higher strike in July or August to preserve more upside participation.
Assessment: ✅ Safe today, but this is the position most worth rolling aggressively if you are long-term bullish on Reddit. At $176 there's no urgency — but have your roll plan ready above $180.
7. RDDT — Short $152.50 Put
| Current price | $176.00 |
| Strike | $152.50 |
| Status | ✅ OTM — $23.50 cushion |
| Premium collected | $1,652.91 (May 26 @ $16.53) |
| Days remaining | 17 |
Opened during the Meta Forum scare-induced IV spike — excellent timing. Already captured the majority of this premium. The position is winning and the cushion is strong.
Assessment: ✅ Consider closing at 75–80% profit this week to free up margin. No reason to hold to expiration for the last $300.
8. SMCI — Short $50 Call ×2
| Current price | ~$42.00 |
| Strike | $50.00 |
| Status | ✅ OTM — $8.00 cushion |
| Premium collected | $65.90 |
| Days remaining | 17 |
SMCI rallied 9% on May 29 on Dell's blowout results and AI server demand. Still $8 below strike.
Assessment: ✅ Comfortable. Let theta decay.
📅 Expiring June 26
9. RDDT — Short $150 Put
| Current price | $176.00 |
| Strike | $150.00 |
| Status | ✅ OTM — $26.00 cushion |
| Premium collected | $956.93 (May 27 @ $9.57) |
| Days remaining | 25 |
Paired with the June 18 put. Both are profitable and comfortable. A $26 drop in 25 days would require a severe catalyst.
Assessment: ✅ No action needed. Monitor alongside the June 18 put.
📅 Expiring July 17
10. SMCI — Short $55 Call ×2
| Current price | ~$42.00 |
| Strike | $55.00 |
| Status | ✅ OTM — $13.00 cushion |
| Premium collected | $749.88 (May 29 @ $3.75 each) |
| Days remaining | 46 |
SMCI needs a 31% rally from here to threaten the strike. Strong buffer with excellent premium already banked.
Assessment: ✅ Revisit at 50% profit. Nothing to do today.
📅 Expiring August 21
11. ASTS — Covered Call, Short $110
| Average cost basis | $79.00 |
| Current price | ~$111.00 |
| Strike | $110.00 |
| Status | ⚠️ Barely ITM — $1.00 over strike |
| Premium collected | $2,471.89 (May 29 @ $24.72) |
| Profit if assigned | ~$5,572 ($3,100 stock gain + $2,472 premium) |
| Days remaining | 81 |
The most dramatic story of the week — and also, with full context, one of the best positions in the portfolio.
ASTS ran from $80 to $133 over the past two weeks on satellite broadband excitement. The $110 Call was opened on May 29 as the stock began pulling back. Then on Friday afternoon, Blue Origin's New Glenn rocket suffered a catastrophic explosion during a static fire test, sending ASTS down 17% in one session to close near $111 — right at the strike.
Here's the key number: cost basis is $79. If every share gets called away at $110, that's $31/share in capital appreciation on 100 shares = $3,100, plus the $2,471.89 in premium, for a total profit of approximately $5,572. That is not a problem position — that is an outstanding return on a $7,900 investment.
The question is whether ASTS eventually runs much higher as BlueBird satellites achieve commercial deployment. Deutsche Bank downgraded to Hold at $106 following the Blue Origin news, and the launch delay risk is real. With 81 days left, there is plenty of time for the situation to clarify. The $24.72 in collected premium provides enormous cushion against any buyback.
Assessment: ⚠️ Check Monday's option price — IV crush from the stock move may have deflated the call value significantly, creating an early buyback opportunity at 30–40% profit. If still bullish on ASTS long-term, roll to a higher strike. If satisfied with a $5,572 total return, sit tight and let it play out.
📅 Expiring September 18 & December 18
12 & 13. ROBN — Short $44 Put (Sep) + Short $27 Put (Dec)
| Status | Combined premium |
|---|---|
| ✅ Both deep OTM with $50+ cushion | $3,163.82 |
Long-dated income plays. No action needed for weeks.
14. SMCI — Short $62 Call (Dec 18)
| Status | Premium |
|---|---|
| ✅ OTM by $20 | $290.94 |
Set and forget. Theta working slowly but steadily.
🗓️ Unified Summary: Priority & Assignment Economics
| Position | Exp | Strike | Price | Basis | Status | If Assigned | Priority |
|---|---|---|---|---|---|---|---|
| NVTS $29.50 Call | Jun 5 | $29.50 | $26.00 | $28.91 | ✅ OTM $3.50 | $194 profit | Low |
| UNH $400 Call | Jun 5 | $400 | $379.58 | — | ✅ OTM $20 | Expires worthless | Low |
| HOOD $93 Call | Jun 12 | $93 | $94.30 | $75 | 🔴 ITM $1.30 | $2,017 profit | 🚨 High |
| ONDS $11.50 ×2 | Jun 12 | $11.50 | $13.22 | $10.97 | 🟡 ITM | $303 profit | Medium |
| ONDS $12.00 ×1 | Jun 12 | $12.00 | $13.22 | $10.97 | 🟡 ITM | included above | Medium |
| BBAI $4.50 | Jun 12 | $4.50 | $4.10 | — | ✅ OTM | expires | Low |
| RDDT $185 Call | Jun 18 | $185 | $176 | $182.50 | ✅ OTM $9 | $360 profit | Medium |
| RDDT $152.50 Put | Jun 18 | $152.50 | $176 | — | ✅ OTM $23.50 | Close early | Medium |
| SMCI $50 ×2 | Jun 18 | $50 | $42 | — | ✅ OTM $8 | expires | Low |
| RDDT $150 Put | Jun 26 | $150 | $176 | — | ✅ OTM $26 | expires | Low |
| SMCI $55 ×2 | Jul 17 | $55 | $42 | — | ✅ OTM $13 | expires | Low |
| ASTS $110 Call | Aug 21 | $110 | $111 | $79 | ⚠️ ITM $1 | $5,572 profit | Medium |
| ROBN $44 Put | Sep 18 | $44 | ~$94 | — | ✅ Deep OTM | expires | None |
| ROBN $27 Put | Dec 18 | $27 | ~$94 | — | ✅ Deep OTM | expires | None |
| SMCI $62 Call | Dec 18 | $62 | $42 | — | ✅ OTM $20 | expires | None |
🧠 The Right Way to Think About This Portfolio
With actual cost bases in the picture, the narrative shifts completely. None of the ITM positions represent losing trades.
ONDS ($10.97 basis, $11.50–$12 strikes) — all three calls ITM and assignment delivers $303 profit. A clean, profitable exit. Roll only for conviction reasons, not to avoid a loss.
NVTS ($28.91 basis, $29.50 strike) — now OTM with four days left. Drama over. Keep the premium.
The portfolio as a whole is well-structured: two near-term expirations expiring worthless, three positions where assignment is a profitable and acceptable outcome, and strong long-dated income from SMCI and ROBN quietly compounding in the background.
Next update: Tuesday, June 3, after Monday's open clarifies HOOD, ASTS, and ONDS pricing.
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