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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: Jonathan Thomas who wrote (10729)	5/11/1999 2:33:00 PM
From: tuck	Read Replies (1) \| Respond to of 14162

Ryan, Thanks for your thinking. My current position: Holding 800 shares with a nut of $9.75 Short 8 June 12.5 Calls, which I sold for 4 1/4. Last I checked they were slightly below 4, but the stock is coming back a bit, so they likely have, too. Edify is holding its gain fairly well for the moment. If the rumored buyout doesn't materialize in a couple of days, things could get wild in the other direction. Hence my recent solicitation of a protective puts strategy from you and anyone else who cares to chip in. I still like just rolling down, at the moment, because 1) the puts are pretty expensive, and 2) the downside is probably manageable just by rolling, since the downside is limited in absolute terms compared to, say, Schwab. I'm also hunting my next play should the buyout rumor prove true. Cheers, Tuck