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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!
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To: RayV who wrote (2936)7/8/1997 8:40:00 PM
From: Herm   of 14162
 
Hi Ray, Two words! SHORT SQUEEZE, SHORT SQUEEZE, SHORT SQUEEZE! Come and get it! Actually, you can wait some more with your calls. The volatility today caused at one point a 1 point difference than the closing price. There was a wide VVUS price range today in the stock and the options and it should happen every day for the next two or three days until the shorts die out! Heck, I would be surprise if VVUS does not reach $30 by this Friday! The earnings report must of reached the street somewhere! I've been looking! I wanted to help put the squeeze on the shorts buy exercising 500 shares at a net cost basis of $26.40 (including cost of options/comm.) before I write any covered calls. I still have on the side 5 more VVUS Jul 22 1/2 calls I'm holding. My aim is to wait for the VVUS price to appreciate closer to $30 or when the volume starts to drop. Write 5 covered calls contracts at the money when one of those wide option price swings occurs if possible for either the July or August $30 strike price. I will decide what to do with the straight calls depending on the action. I may exercise those also or cash them in and roll up. I was looking for a $3,000 kahuna this month! I need some spending cash for my new home! Decorating and paying income taxes! Another day like today will more than do it! First Info off the VVUS thread: exchange2000.com Hey, even TECD had a +3/4 point pop. Even TECD was down -1/2 early in the AM. That's a nice spread!
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