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Strategies & Market Trends : Options
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To: PAL who wrote (5589)3/27/2000 1:31:00 PM
From: Gregory  Read Replies (2) of 8096
 
Thanks a lot. I am getting educated on options.
Some of it by following what you are suggesting.

I have read your suggestion on repairing covered call situation when stock goes away from you.

I have a similar situation, but with CSCO.
I have sold 2 covered calls on CSCO. Strike=May 67 1/2.
Notice, that it is May, not April.
Maybe this was the mistake that I have written it too far ahead? My thinking at the time I have sold it was:
"I will have more time to fix problem if it develops. At the same time if the stock drops, I will close the covered calls; so it really does not matter that it is next month, and not April." I did not know this stock before, that it goes like crazy up.


Anyway;
I have sold 2 covered calls on CSCO. Strike=May 67 1/2.
Sold at 7 1/4. Worth today $15 3/8.
CSCO goes away real fast. It is 81 now.
I would not really want to loose the stock, specially at the price that is $13 below the current price.

Would you try to repair the situation like this now, or
would you rather wait till the time is more close to expiration?
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