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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: T L Comiskey who wrote (469)	5/8/2001 12:06:32 AM
From: FaultLine	Read Replies (1) of 5205

>>buying new stock to satisfy assignment tlc, Do you have McMillian? See pages 816-817 for his explanation. The new stock IS purchased AFTER the assignment date when you receive notification. Basically you buy the "new stock" the day you receive notification of assignment, say June 20, 2001. You communicate with the broker so a note is recorded on the assignment SALE confirmation containing these words, "Versus Purchase July 20, 2001" (the day you received the notification). I'd suggest you talk to your broker before trying this the first time but the procedure is approved by the Options Clearing Corp. rules. --fl

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