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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: Herm who wrote (5435)10/14/1997 8:52:00 PM
From: Spots   of 14162
 
Here's the next installment: I sold Oct 35 PP's today for 2 5/8
bringing my nut down to 36.96, including all commissions.

I'm now "naked the stock" as the saying goes. I'm not sure it
was a good idea selling my fire insurance, but it expires
Friday and the preemie is bye-bye tomorrow, so I let it go.
Naturally the stock ran down another half point.

I think the absence of other news is a strong indicator that the
option MMs will drive VVUS to option parity on Friday. That
was 32.5 a couple of days ago; I haven't checked since, BUT
the differential between 30 and 32.5 was small. The upshot
of this is THERE's NO STRONG PARITY BIAS ABOVE 30; the
stock could easily finish near there Friday. IMHO it will
take news to move it out of the 30-32.5 range before next Monday.

I'd like to own some Nov puts, but I think I'm going to risk
the stock till next week.
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