I agree selling calls is a lot better in certain cases than buying the put. Time is suddenly on your side and that's a nice feeling if you don't have to think of all the constant time value decimation. Of course there is always the other side and that is that your loss is potentially unlimited which is scary in some kind of way.
I can think of the guys who sold calls in CCME right before the halt. They did sweat a lot before it was clear why the halt was done. Could have been a buyout at 20 (sure was unlikely but you never know). Just imagine where your 12 strike call would open....
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