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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 (7940)7/24/1998 10:14:00 PM
From: Andrew Williams  Read Replies (1) of 14162
 
How about a look at ITWO?

They beat the street yesterday, but warned of some Asian weakness and got killed. The stock lost 24% of its market value today down to 27.75. I was long 200 at 35 and bought another 200 today at 27.5. So my NUT is around 31.5 I am positive on the long term outlook, but have low expectations short term. Should I consider CCing some or all of my position? Factors to consider:

1. With the increase in volatility the premies look good
2. I am worried about more weakness in stock short term (continued weakness or dead cat bounce)
3. I could cover now with a Sept 30 call position and break even if called out. But would "lose" if there is a big recovery.
4. We are at the bottom of the BB.

Any thoughts or other factors I should consider?
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