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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Uncle Frank who wrote (4938)8/20/2007 11:42:51 AM
From: Hepps  Read Replies (1) of 5205
 
Uncle Frank,

After getting my IWM 80s put to me, and missing on the 78s, I've rewritten for this month, selling 83 calls for a buck and 71 puts for .95 cents. I feel absolutely safe with the 83s, and somewhat comfortable with the 71's.

If we get a big downdraft, I'll write another set of puts, but in the 50s or lower 60s, depending on where I can see a support level.

My CSCO 30 calls stayed with me, closing at 29.99; I'm looking to sell the 27.50 puts for a percent or two, exiting with 5% in two months.

QCOM action has been so poor that I can't see anything interesting to write, at this point I'd have to consider puts as the only alternative.

I'm staying cautious right now, as I don't think that we've seen the last of things. VIX is down another 8% right now showing 27 vs 37 a few days ago, but This may be a temporary thing.

How are your covered calls doing?

Hepps
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