I utilize a strategy with the Fab 5 basket of stocks (feel free to search the Blog for the weekly reviews of this) that has a very simple goal: buy stocks once they hit the $90 level for a run at the key $100 level (& beyond). I have had a regular position in $Z since July 22nd and currently have the following trade on:
The simple breakdown is that I am long stock (entry was $87) and I am short the October 4 weekly 100 Calls (covered calls). I have expected a battle at this very key $100 level so I wanted to take in some premium while the battle rages.
On any significant move up and away from $100 I will adjust the short Calls out to a further expiration since weekly options are available for this stock.