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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 (4938)	8/2/2007 1:27:37 AM
From: Hepps	Read Replies (1) \| Respond to of 5205

Uncle Frank, Nothing exciting to report. (which is a good thing) Buy write on CSCO Bought 29.90 sold AUG CYQHF 30 calls for .95 Sold QCOM 45 calls against my position for .85 Sold IWM (R2000 tracking index) AUG 80 IOWTB puts against cash for 1.28 and .90 Sold IWM AUG 78 Puts IOWTZ for .90 Looks like I'll get my IWM 80s back, not sure about the 78's. Looks like I'll get called on the CSCO 30's; I wouldn't mind keeping them and writing another round next month. If I do get called I'll do the 30 puts next month. (I think) I don't think QCOM is going anywhere. I would have liked to buy/write some CREE, but really feel the need to keep some dry powder right now with the market acting the way it is. I might have a look at the company that EMC is spinning off later this month. As always, a look in the rear view mirror shows that I am a poster child when it comes to timing. Good luck Hepps

To: Uncle Frank who wrote (4938)	8/20/2007 11:42:51 AM
From: Hepps	Read Replies (1) \| Respond to of 5205

Uncle Frank, After getting my IWM 80s put to me, and missing on the 78s, I've rewritten for this month, selling 83 calls for a buck and 71 puts for .95 cents. I feel absolutely safe with the 83s, and somewhat comfortable with the 71's. If we get a big downdraft, I'll write another set of puts, but in the 50s or lower 60s, depending on where I can see a support level. My CSCO 30 calls stayed with me, closing at 29.99; I'm looking to sell the 27.50 puts for a percent or two, exiting with 5% in two months. QCOM action has been so poor that I can't see anything interesting to write, at this point I'd have to consider puts as the only alternative. I'm staying cautious right now, as I don't think that we've seen the last of things. VIX is down another 8% right now showing 27 vs 37 a few days ago, but This may be a temporary thing. How are your covered calls doing? Hepps