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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: David Wright who wrote (10277)	4/8/1999 10:54:00 PM
From: NateC	Respond to of 14162

David wrote (re SAVLY) I'm now going to sell 10 Aug10 CC's for 1 9/16, which will bring me almost back to even. Biggest mistake I made was buying some May17.5 calls with the proceeds from my first CC sale. Herm was not happy with me for that one. I still think it's a good stock, and I REALLY think it is under priced now. David....This sounds a bit like one of Steve's ("hpeace")deals.....and if you bought the 17.5 calls on weakness....(making them cheap)....that would = good protection on the upside....what you and I should have done....is to buy some 7.5 or 5.0 protective puts...and we'd be AOK right now. As you probably know Steve likes to leg into the CC's, then buys upstrike calls on weakness...and downstrike protective puts...on strength.