I discovered in the last two days FedEx insiders have sold around $8M in stock according to their Form 4 fillings. The individuals in question were all EVP's, General Counsel, CCO, and Engineers. To me this is an extremely bearish signal for more than one individual to sell collectively 21k shares with an average fill price of around $368.
I rarely sell spreads just because the pin risk bothers me this close to ITM. However the risk/reward ratio was 1/1 so lets see how this goes from here. This position is not more than 5% of my account, I am just putting some of my money where my mouth is based on the signal.
Anyone who regularly sells options for additional income: Do you position this close to ITM in this short of an expiry given the signal? Or do you do move further out?