Replies to post #3606 on LEE KRAMER'S ROOM: With Views

[hap0206]

Hi Newly -- as Lee knows, I am one of the lurkers -- and I would like to mention that your influence on cash covered naked puts put me back into the market with a little twist to minimize the risk -- what I have done since the beginning of 2016 is trade the weeklies on CLF and CHK -- say CLF comes up on $5.95 -- buy 1000 shares, sell 10 $6/calls for .25 ($250) and sell 10 $6/puts for .30 ($300) and let the week run out -- on Fri if CLF isn't above $6.00 then decide to take the assignment or roll them forward to the next week for maybe another $100 -- and resell the next week $6/calls when CLF comes back close to $6.00 --and I mix it up with just naked puts sometimes, never naked calls -- of course if CLF is above $6, then the shares go and I keep the $600.00

So far so good -- up 50% to 100% for the year to date in various accounts

Regards
Hap

(and I became a resident of CA in June of this year -- house in GA closed this past Friday)