How To Write Covered Calls - An Ongoing Real Case Study! Message Board

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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Douglas Webb who wrote (4214)	8/30/1997 2:33:00 PM
From: Douglas Webb	of 14162

Expert Traders! I need advice on a pending margin call! I checked my account this morning, and it looks like I'm at 34% equity ownership, while the minimum is 35%, as I'm sure you know. I'm invested in UGLY, which has nosedived the past few trading days, and I used up the last of my cash covering my calls. So, my questions: 1) Is the big drop in UGLY, and the market in general, going to reverse Tuesday morning? If it reverses quick enough, I can get back in the black. 2) Whether there's a reversal or not, is my broker (Lombard) going to sell off some of my stock (~15 shares) to cover my margin? With the dips last week, and my covering, I'm below my net cost on UGLY, and above on my other stock, INVN. Will I get a chance to interceed before Lombard sells stock for me? Thanks for the advice! Doug.

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