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Strategies & Market Trends : Covered Calls

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To: tchphysics who wrote (23)	5/8/1998 6:50:00 PM
From: tchphysics	of 86

I sold covered calls on Ashanti Goldfields (ASL) today. Nice premium for a stock that has been stuck in pretty tight trading range. Bought the stock two days ago at 9 9/16 and waited for a tiny jump today to sell the Jun 10's at $1.00. If it expires I get 9% and downside protection to $8.70 per share. If called, I get a return of 12.8%. Take a look at the stock. Since it is hovering just below $10, the 10 call is offering a nice premium. The underlying stock looks interesting as it is a profitable gold producer in Africa. Remaining profitable in this gold market seems pretty good to me. If the market heads south due to inflation fears, this one should do very well. Other followers of this forum should let us know what they are up to and what they are currently looking at. Great way to generate ideas and learn from each other.

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