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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Dan Duchardt who wrote (1245)	6/28/2001 10:04:12 AM
From: JohnM	of 5205

Still haven't reread yesterday's post, Dan, but just read this morning's. Your Lucent story is the parallel for my New Focus story that many of the thread have seen. As a way to learn more about the dynamics of this stuff, I bought 200 shares at $14. It's an optical networking company with a focus on tunable lasers. Looks like a fine next generation optical stock. The plan? Write calls, learn, let it go if it happened, otherwise own a good future stock at a low price. Well, best laid plans . . . . I wrote the first set of calls. Wonderful money; bought them back at almost the precise right time; wound up with $170 after commissions. Thought this stuff was a breeze. No problem. The stock then proceeded to work its way down (should I say "quickly"?) to its present spot at 7 and change, up from low 6s and high 5s. Now I'm frozen until I take the medicine you suggest (and others have suggested) which is to just be brutally realistic about it--it's not $2800; its $1400. Deal with it (said with some energy) and get on with it. Still gonna spend some time trying to crack your earlier post. That amidst the schedule for the day which is to continue spending money getting the house ready for my retirement. An electrician comes today. John

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