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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Thomas Tam who wrote (1606)7/24/2001 12:15:55 PM
From: Dan Duchardt  Read Replies (1) of 5205
 
Thomas,

When would you guys cover the Aug 35s that were sold for 3.9 recently?

I think a case can be made for possible support between 30 and 31 based on regression, 138% Fibonacci extension from latest low to high excursion, and the nice round decade number (30) just below. Given that you already have additional short calls, and that at this point you're only going to improve your buy back by about $1 if SEBL falls another $5, I'd be inclined to take the profit at the first sign of this market reversing the downtrend. In fact, I'd be bidding for them now. But that's just me, and I'm often wrong, so take it for what it's worth.

Dan
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