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steelwheels

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steelwheels

Re: hptaxis post# 524

Saturday, 02/18/2012 4:45:19 PM

Saturday, February 18, 2012 4:45:19 PM

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VVUS calls are paying fat premiums due to implied volatility. Did well selling the feb 12 covered calls. Looking to sell 10 contracts for the 12 june calls and collect a premium of 3.50. That's a collected premium of 3500.00. I am going to short 1000 shares to protect to the downside. If VVUS breaks out I can buy back the calls and go for the ride up. But I think by June, VVUS is trading lower than 12.00. I am strictly looking to play VVUS for the premium on selling the covered calls. This is the only strategy that will let me sleep at night. Thoughts?
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