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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Andrew N. Cothran who wrote (2024)8/15/2001 3:45:06 PM
From: Andrew N. Cothran  Read Replies (2) of 5205
 
For some reason, I failed to get an entry posted before this one. I wrote it, reviewed it, but must have failed to push the submit button.

What I wrote is as follows:

I have an open order in to buy to cover the August 65's at 80 cents. As I was writing the message, I got filled on 6 contracts out of 20.

My reasoning on the buy cover was prompted by Uncle Frank's comments in a prior post re: his conviction that QCOM might rebound from today's lows before Friday's expirations in view of the good press that QCOM has garnered lately.

As of the moment, I am still looking for the other 14.

If I cover at 80 cents, this will give me a profit of $1.20, well within Lindy Bill's 50% rule.

If I cover, I will look for a chance to resell on any spike if there is any spike between now and Friday's close.
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