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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 (7366)	4/29/1998 1:11:00 PM
From: FruJu	Read Replies (1) of 14162

Hi Herm Well, surprisingly, for once, everything went according to plan! ;) I bought back the May 12.5s at 3/8, then VVUS had a nice little 1/4 pt uptick to let me sell the Jun 10s at 2 1/8. Based on my previous sale of the May 12.5s at 1 3/4, this gives me 1 3/4 - 3/8 +2 1/8 ------ 3 1/2 protection from my initial purchase at 12 1/2, i.e. my NUT is now 9 (actually 9 1/4 after commissions), and I'm short the June 10s. If I'm lucky, VVUS will drift between 9 and 11 over the next two months, and I'll have these expire, or perhaps, I'll think about buying June 12.5 up calls if it looks like the FDA announcement will give it a quick pop. Evan - feeling able to sleep a little more safely now.

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