OT: taxes - sometimes I'll write "at the money" covered calls on a position that's nearing the long term capital gains holding period .... that locks in some "time value" gains and also gets me a 15% federal tax rate rather than 35%+ (when I'm assigned on the calls or sell the stock when they expire). It can make a big difference, but obviously if there's a compelling reason to sell immediately, then that's the right thing to do regardless of tax consequences.