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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Uncle Frank who wrote (43)	4/19/2001 12:49:29 PM
From: Andrew N. Cothran	Read Replies (1) of 5205

My, my how time does change. On Monday, April 16th, I had logged a total of 38 completed covered call trades during the months of March and April for a total gain of $31,724.95. All of my open positions were in QCOM (the April 50's, 55's, and 60's) which I hoped to ride through until expiration. But last Monday, I started thinking of possibilities and decided to start closing out some of my positions. Unfortunately, I didn't act fast enough and then along came Greenspam! The net result is that as of yesterday at 11:00 AM central time, I closed out ALL of the Aprils. My $31,724.95 shrank to $5404.74. My consolation is that none of my QCOMS will be called (thus saving me from the dreaded capital gains taxes) and what I gave up in call premiums I got back in stock value. Ah, life is good when it is not bad and is bad when it is not good.

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