Interesting. We deploy similar strategies with respect to options and ariad. I was selling covered calls too, although not now because the premiums for near the money short term options just aren't worth it to me right now. Most recently I had been selling puts in the $5 strike price range. Worse thing that can happen is that I pick up extra stock with net effective prices in the 4s which I don't really want but would feel comfortable buying at those price levels
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