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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Uncle Frank who wrote (304)4/30/2001 7:48:28 PM
From: cfoe  Read Replies (1) of 5205
 
UF - Learning from you and others, here is what I did with QCOM May calls.

The $75 calls I sold at $3.30 where at 40 cents at the close on Friday. I put in an order to buy them back at no more than 40 cents today. QCOM was up at the open and the price of the options moved up. My response was to change the order to "good till filled" vs. a day order. Sure enough, QCOM pulled back enough this afternoon for me to buy back the options at 40 cents before the stock price moved back to positive.

Now I am in a position to sell those same shares again (hey, I am actually learning something from all of you). The May $60s are going for about $3.30 which if I get this will mean I generated a total premium of $6.60/share on these shares. Not bad?

And comments and corrections to my strategy most welcome.

Thanks to you all.
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