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Strategies & Market Trends : Calls and Puts for Income
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From: Grantcw11/5/2010 1:24:00 PM
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Any thoughts here on Biotech covered calls? Let me know if I'm being crazy here, but I've got 2 now:

OREX - Bought shares at 5.31 and wrote $6 Dec calls at $1.60

There's an FDA advisory panel on Dec 7, but I feel like my downsize coverage is pretty good with the $1.60 call. I could still lose decent money, but hopefully not a ton given the size of the call and cash at OREX. That's my play at least.

AVNR - Bought shares at 4.76 and wrote $5 Dec calls at $0.45.

The drug has already been approved here by the FDA. Just have to play the rest out and see how it goes. I'd like to keep buying shares and writing calls here for a while unless the stock runs and/or the premiums fall.

Comments?

Thanks,

cwillyg
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