RIMM Puts Sold

Looks like a poor move on my part selling the Research In Motion (RIMM) Feb $65 calls a couple weeks ago. Shares are now trading north of $70. Anyway, barring a large drop in the next few days, my RIMM shares will be called away at $65.

In an attempt to re-buy, I sold Feb $70 puts for 0.88. If shares don't dip, I'll pocket the premiums and figure out what to do next. If shares do drop below the $70 threshold by Friday's close, I'll end up with my original shares with a new effective cost basis assuming the following.

Original Effective Cost = $61.90
Called Away Price = $65.00
Sold $70 Put = $0.88
Put To Price = $70.00

So, if I get the shares put my way, then I'm looking at a new effective cost basis of $66.02.

If shares are not put my way, then the RIMM trade is done with (until I figure out how I want to get back in)... $65 - $61.90 - $0.88 = $3.98 gain.

As far as the size of the missed opportunity goes (from selling the $65 calls in the first place) -- $5 - $1.60 - $0.88 = $2.52. Oh well.