Looking at the tax rules again, I can safely write in the money calls on my long term shares (the majority of them). If I bought the calls back for a loss though, I would have to count that as long term loss, and that loss would be deferred until the next tax year. I wouldn't do that anyway. I would let the shares get called away.
I have some short term shares. I would have to write qualified calls on those (> 30 days to expiration, no lower than 1 strike below current price), or I would face termination of the holding period. I'm coming up on 11 and 12 months on 2 batches so that wouldn't be too good. I guess if I was going to sell the shares anyway, it wouldn't matter.
I'm still anticipating January being a good month for the stock market in general, so I'll probably just ride this out. I'll be breaking my own rule about protecting a profit if AMD drops more from here. I hope I don't regret it.
HailMary
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