Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: SJS who wrote (10826)	2/6/1998 9:46:00 AM
From: Tony D.	Read Replies (2) of 95453

"Time works for you as the calls price will erode". Steve, I agree that time is the key. I sold the May 17.50 MDCO calls at 2 13/16. If I buy now, during a period of strength, I take a loss. Needless to say, a bad move. My options are: If the sector rises higher, On the third Friday in May I can buy back, cover, and roll a few months out. If the sector goes back down, I can buy back, at a profit, and resell out a few months. Someone said, "that you do not buy stocks just to write calls". I disagree. I bought IOM at 8 11/16, sold the 8 3/4 Feb. call for 7/8, and will be called out for a quick profit of 10%(less commissions). Not bad for less then 4 weeks. I'll take 10% a month and be very happy Tony D.

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