I'll be taking my assignment this weekend. I'm short Nov 17 puts. This will increase my overall AMD stock holdings a decent amount, bringing my average purchase price up to around $11. I don't feel the overall profit is in jeopardy yet, but I am taking a risk here. I guess I could just say if it hits $12, I'll get out and protect a measly 9% return overall.
I still believe January will be a strong month for AMD and the markets in general, so my paper losses will likely be short lived. I'll start writing one month out $17 or $17.50 calls on these assigned shares when I can get a decent amount for them (more than $.40). I would rather take this approach than roll the puts for a loss, but I guess I am more bullish than you Elmer.