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Non-Tech : The Critical Investing Workshop
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To: Jim Willie CB who wrote (182)9/27/1999 2:16:00 PM
From: Wyätt Gwyön  Read Replies (2) of 35685
 
Jim, I was referring to covered (not naked) calls on a lunch money (small, noncore) position. Last week I sold some covered calls w/underlying at 195 and covered at 183 (on that crazy day--Wed I think). But these are only lunch money trades. Core remains in unmargined common and LEAPS. My out-loud musing was speculation that the sort of yoyo's we saw last week--between 180 and 199--might not obtain again this week barring exogenous developments (after all, how many idiots are there for the MM's to fleece on no-news panic-selling?...wait, don't answer that question!). Anyway, premiums have narrowed, and tis best not to be too greedy in lunchtime poker...instead, am checking out the SNDK game, where premiums on short term out of the money are much higher than for the Q, allowing for relatively safe entry (buying common and selling OTM short-term calls) into a beaten-up (but wonderful) stock.
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