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 (7848)	7/7/1998 7:57:00 PM
From: FruJu	Read Replies (2) of 14162

Anti-recovery plans? Hi Herm I rode the VVUS rollercoaster, and ended up going against all the good advice and selling CCs below my NUT (in this case, sold Aug 7.5 CALLs to lower my NUT to 8.5) after I was convinced VVUS was going to roll around in the 6s and 7s for the next two months. Well, Paine-Webber (pain in my case) upgraded them today, and they shot to 10. So I'm now under water by a point (not as bad as a lot of VVUS'ers I know, but still painful). No, I didn't have any cheap upside protection, so there aren't any AUG 10s magically long in my account to cushion the blow. What would be your recommendation for situations like these (having a stock move 45% up in one day is probably not what most people would complain about :)) E>

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