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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Uncle Frank who wrote (2423)	9/19/2001 11:43:55 PM
From: Dan Duchardt	Read Replies (1) of 5205

uf, The only call I have written at the moment is 2003JAN7.5 on RMBS. I closed SKX and MU too soon for this market, or perhaps I should say I should have rolled down. RMBS is the one I should have closed, so I guess I'm 0 for 3. I added a bit of SKX stock today and will write OCT or NOV calls. If we get any follow through tomorrow or Friday on the bounce today I'll take what I can get on the OCT. Otherwise I'll wait on this one. I'm dabbling with QCOM and currently have a sort of synthetic long with short OCT50 puts and long OCT60 calls; net delta is 113%. While this is not a classic CC scenario, it is much like holding the stock long waiting for the good up move to sell the calls. What I do with the puts will depend on how the market goes forward. If QCOM goes well above 50, I'll cover the short puts and wait for another pull back. If it hovers near 50, I'll probably just stay with it. If it makes a run below 42.5, I just might stop out. Best of luck to all you Q'ers out there. Dan

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