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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: tuck who wrote (10675)	5/9/1999 2:58:00 PM
From: tuck	Read Replies (1) \| Respond to of 14162

Dan et al., A quick followup. Using PHLX' deltas, rolling to June 12.5s gets me only a couple per cent more return if exercised, and chops my downside protection considerably. Thanks for making me go through this; it has clarified my position a good deal. If Edify goes to 13 and I expect a pullback, I want to roll out to the June 10s. I invite the sideshow types to suggest a protective put strategy, but I haven't found one I like as well as that roll out. I will keep folks posted on how this goes. I need to pay some bills and will probably have to take a couple hundred shares worth off the table on my next transaction, though, which may complicate future calculations on this play. Cheers, Tuck