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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: AJ Berger who wrote (11372)	8/10/1999 3:49:00 PM
From: Jonathan Thomas	Read Replies (1) \| Respond to of 14162

Hello All. I wanted to update you on my NOVL positions, and recent CC activity. As some may recall, I picked up 700 NOVL @23 in early May. on a rise I sold the 7 Aug 25 calls @ 2 3/4, NOVL ran to 30, and I bought 5 AUG 25 puts @ 1/2, for insurance and profit. When NOVL slid back to 24 or so, I sold them @ 7/8. (I had another insurance put that expired in there, but I won't go into that) On the recent dip, I bought back my 7 Aug 25 calls at 3/8 this morning.(on news last night) My Nut is about 21, I pocketed a little over 2 points of call buyers premies, and on news I'm watching NOVL currently up 2 in a down market. My plan is to let it run up and when the WINS approach tells me to sell, I'll probably sell in the money calls a strike or 2, and buy out of the money puts as protection. Herm, you remember this? I can't believe it pulled back this far. I recently bought 1000 UNFY at 12 7/8, it was on the bottom of the charts at the time. Waiting for it to come back up to 13-14 and I'm going to sell the 12.5 strike call 1-2 months out. With the down market, I'm doing a little waiting. Just sharing, hoping others can benefit. As always, feel free to comment... Ryan