$SPY 20260106 690.0 CALL$ That midday rebound on SPY caught the market off guard, especially with IV appearing so much lower than the actual sentiment. The short call strike was breached during that strong rally, meaning this 0DTE covered call has officially expired in the money. It marks a successful end to this specific lot, stacking another average $50 premium on top of a week’s worth of consistent harvesting since the original assignment.
The shares have officially been called away, closing out this SPY wheel cycle with a solid $700 profit on the underlying alone. When you factor in the multiple $50 premiums collected from both the initial put and the series of 0DTE calls over the last seven days, the total return for a one-week hold is excellent. With the capital now freed up and the profit locked in, I’ll be looking to start a fresh wheel as soon as the next trading day begins. Trade Feed: Who is your favorite trader?
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