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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: Shell R. Poust who wrote (13693)	5/18/2001 10:48:38 AM
From: i-node	Read Replies (3) \| Respond to of 14162

Advice Needed... I'm wondering if someone more experienced with selling calls could give me a suggestion on the best course of action... A few days ago, I bought AMSC at 19 and sold the Oct 22.5 calls for $2.80. Now the stock has moved up to 23 (the call is now at 5.40). While I realize I sold away my right to the appreciation, I'm wondering if there is some course of action that might yield a better result than just waiting out the October expiration. Since the amount of my profit is fixed at this point (assuming the stock won't move down again), is there any way to cash out of the situation without giving up all the profits and so I can have the use of the money between now & expiration? I realize this is probably a dumb question, but I'm operating on a learner's permit at this point.... I'd also be interested in knowing whether there would have been a better way of handling this at the outset that might have produced better results... Thanks