Housekeeping: Citigroup (C)

Folks, we're sitting on monster gains on Citigroup right now.  On March 9, I suggested buying June $3 calls for $0.76.   Since then, I've been holding full position and those calls have are now going for $1.63.  We have 114% profit.  


I am still bullish on C.  I think later this week JPM and BAC earnings could provide a boost to the banking sector.  I am expecting positive commentary on improving consumer credit trend.  I also believe that the real thrust of buying in Citigroup hasn't even started yet as many institutions don't want to touch the stock until the stock is above $5.  


Still, taking cautious approach I am rolling June $3 calls to Sept $4 calls:


- Sell to close June $3 calls
- Buy to open Sept $4 calls


I just filled the order for net credit of $0.77.  By rolling out, we're cashing out the entire principal and now playing with casino money.  We're reducing the risk by half and at the same time keeping the same number of contracts open to let it ride to the upside.  Lastly, we're also giving ourselves extra 3 months to be right on the direction.  


It doesn't get any better than this :-)


Good luck!