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Strategies & Market Trends : The Covered Calls for Dummies Thread

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To: Uncle Frank who wrote (4579)	11/19/2006 9:13:27 PM
From: Bridge Player	of 5205

<<Did you make any mistakes last month... and did you make any money?>> Yes, and yes. A brief recitation of mistakes: Bot PTEN and sold calls too quickly and the stock ran, too small a profit. Was assigned NFX vs. a short put in a prior month, sold covered calls too quickly, the stock ran, too small a profit. Bot ISGR Dec 100 calls and had a profit, but the stock dropped and continued to hold the calls, now at a small loss but with a month to go. Sold short naked call on RIMM and the stock continued up, closed for a loss. Bot long calls on Canadian oil trusts too early and suffered severe drawdown during the collapse. Bot more on the way down but failed to load the boat during the last 3-day rally so am now up only slightly. Owned ISRG leaps (2008 and 2009) but failed to close them after the blow-out earnings and still hold after the stock dropped from 112 or so to 95 after an "analyst" said it was "fully valued" and cut the rating. There are 6 or 8 more mistakes but I guess you get the idea. Up nicely on the month, at least half due to expired short puts.

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