well that worked out pretty good for me, turned around and wrote a lot of Sept 2.50s that will go out worthless, and even dabbled in the November 2.50s for a dime. But need to be careful b/c always a chance we get another spike and want to have dry powder to collect some nice premiums if that happens. What I was afraid would happen happened - the spike cooled off and the premiums for the next month (September at the time) collapsed by Monday when I could start writing them covered, which I did a little, but the best time was during those couple days. Really those options had no business fetching the premiums they were getting, and you gotta take advantage of the opportunity. We know the schedule roughly for future legit news on Alzamend (short of a buyout which is impossible to predict) and so the risk/reward favors the writing of options that will go out worthless, the key is being patient waiting for the opportunities to write them instead of settling for a nickel or a dime if you are desperate for cash. - sometimes better to let the opportunities pass by for low premiums b/c when you do get the spike, the premiums are double triple or more, best wait or set a limit as to how many you will write at the cheap prices and wait out for the spike for the remainder, if it indeed comes, it may not and thats ok, its all risk/reward, nothing worse that having your whole position covered and for a huge run to occur and leave all your profits on the table at the $2.50 strike.
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