Jim, you must be in the 20% that do succeed in that art....I still think that writing covered options on high dividend paying outfits is a safe way to make anywhere between 15% to 25% a year by selling time premium. Sometimes I get queries openly and in PM in the last week of an option cycle as to what to do... keeping an option into the last week of a cycle is surely not the way you play options....
Jim, I was wondering if you would evaluate my application of your option strategy as follows:
BSTE (Biosite) has dropped from $57 to about $24-25 and has been basing there for 2-3 months. I see the basing possibly ending and the stock going to the $34 area in the next 2 months. I think the Nazdaq market is at a turning point a couple weeks ago when it briefly went under 1900. I apply your strategy buying the April 22.5 BQSDX calls for around $3.50 when the stock is at $25, looking to sell in 4-6 weeks for $8.00 or higher.
Please feel free to critique this strategy, your comments appreciated.
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