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: Herm who wrote (5961)	11/24/1997 12:24:00 PM
From: Patrice Gigahurtz	Read Replies (1) of 14162

Herm: After being told my stock wasn't called away from me I just got a call from my broker who informed me that I was in fact called away at $10 ! I'm stunned to say the least. Why does it take until midday monday to determine if a call contract is excercised when the said contract expired 11/22 saturday ? Yes its true, I could have bought back those CCs at 1/16th the asking price late in the day friday....but I didn't 'cause I'm frugal. Maybe I'm lucky I was called as the underlying stock is drifting lower due to asia woes ? Anyway, the answer to my question is yes one can be called if the strike price ends at the close at exactly the strike price. I'm just confused why it takes so long to determine if the contract was excersied. Thanks for every ones input. Herm, I'm tempted to buy back those naked Feb puts I sold, take a big lose, and go right ahead and sell naked puts in the same security at another strike price (ie, May '98).

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