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Strategies & Market Trends : Calls and Puts for Income
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To: Bridge Player who wrote (3195)10/15/2008 9:06:16 PM
From: kaka  Read Replies (1) of 5891
 
Bridge,

The terminology I used is how is is routed from the trading firm to the exchanges, and how it is reported back. I bought 'covered stock' in one transaction; I didn't previously own the GM. It went through as one 'covered stock buy' which enables me to get the best prices. Its more advanced than the artificial buy to open, sell to close. Many firms don't even know what a single covered stock transaction is, nor do they offer it. When it is used, the terminology "Buy +10 covered GM Nov 7 call/GM @ 5.30" is correct for buying stock + selling a covered call. If I would have sold short stock and bought long calls, that would be correctly reported as 'sell -10 covered GM nov call/GM. Same for covered puts.

Correct terminology it is; confusing it may be if you haven't used it. I'll break it down to the rudiments next time.

cheers,
k
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