Not a great day on the markets. Suncor is down to $50.61. It is my biggest holding, with an average cost of just over $55. I plan to increase my position by another 10% or so with a buy around $50. On an upward move I'll sell covered calls for half my position at $65 and liquidate the rest around $70.
Encana is down but I'm still in the black. I'm about half in on Encana so my plan is to write naked puts in the $65 range and add to my long position if it drops below $62. The covered calls I wrote last week have given a cushion against the drop.
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