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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: JohnM who wrote (3942)	8/28/2002 1:29:28 PM
From: Dominick	Read Replies (1) of 5205

You're not alone on getting stuck with a falling stock. Most of the time the fault lies with not determining in the beginning how far a stock must fall before you admit you're wrong and get out. I got stuck with PSFT. I bought it at 36 and it ended the day near the high with good volume. So I decided to hold it overnight. I came back late the next day and found I'm 12 points down. :(( But via averaging down and writing calls my basis is now around 17. Averaging down is normally not recommended for a stock as opposed to an index but I felt PSFT would bounce back about half way from the decline so I took the chance. This time I lucked out. Dominick

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