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

To: Dr. Id who wrote (1355)	7/7/2001 4:47:45 AM
From: FaultLine	Respond to of 5205

What's the plan on those Q July calls? The Plan: Try to at least break even and then (maybe) write on AUG. I sold these JUL 55 contracts for 3.20. I am going to wait and let a little more time burn off. With a little luck, QCOM will close at 56-57over the next few days and the premium should drop to $2 or less. Anywhere under 2.50 I think I'll buy to close -- I'll feel lucky with a break even at this point. I sold the JUN 55's because I believed this was just below the top of the trading range The Nokia news was a surprise and I now believe the trading range will be 7-12 dollars higher for awhile -- a 65 or 70 strike sounds pretty good for an AUG write although we need to think about what may transpire when we get to the earnings report. --dfl