FCX has been lingering around the $39 mark for a few days now. The Jan $37 calls have about 30c of extrinsic, whereas the ATM $39 Jan calls have around $1.00 of extrinsic.
The question is whether to pick up another 70c of extrinsic while losing the $2.00 of intrinsic hedge we have at the moment. I say stuff it, let's do it, we're all about premium collection here and damn the downside risk. :-P
I'm buying back the $37 calls at the offer of $2.52, a loss of 20c, and selling the Jan $39 for $1.17 with FCX trading at $39.21. So we're $1.89 to the good with the covered calls while just holding the stock would have us $2.09 in profit at this stage.
No action on NOV and GS.