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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Mike Buckley who wrote (2695)	10/15/2001 11:02:03 AM
From: JohnM	Read Replies (2) of 5205

I'm glad to be able to report a round-trip transaction that reaffirms my dummy qualifications. Thanks for the post, Mike. I made the same mistake, though the math is a bit different--among my ccs out are contracts on Seibel Oct 20s which I sold for $.95. Since I have the luxury of having sold those in an IRA rollover account, I don't have to worry about tax consequences. So I'm going to spend some portion of this week trying to decide between (1) just getting called out and buying back on dips, (2) repairing by doing one of the variants of buying back and reselling Novs, and/or (3) getting called out and selling puts to get back in, as someone just recommended as a possible. The mistake I made was one I continually cautioned myself against--wait for reasonably stable trading ranges, wait until we are out of the earnings season, and, most of all, wait until as much of this season of high volatility in the market is past as possible. Just too impatient for my own good. Better look for another profession. John

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