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Strategies & Market Trends : The Covered Calls for Dummies Thread -- Ignore unavailable to you. Want to Upgrade?

To: Uncle Frank who wrote (262)	4/25/2001 7:38:46 PM
From: TsioKawe	Read Replies (2) \| Respond to of 5205

CC thread question, and Thanks in advance for any information.. Here is what I have done...Bought 1000 shares ARBA at $7.15 yesterday and wrote 10 may 7 1/2s at $1 which filled, This AM I purchased back the may 7 1/2s at .80 cents...Fearing what may have been a drop in the markets, I turned around and wrote CC for May 5s which executed at 2.15...The May 5s are well in the money... so I think my average price is around $7 on ARBA with a downside protection, the buyer of these May 5s would need $7.15 on ARBA stock for a beak even... I own the 1000 shares outright with no margin...A question would be when would the buyer of these CCs take control of this stock?? Thankyou berry, berry much Tsio