A covered call is an option strategy that the owner of the underlying stock can "sell" for a premium to the stock's current price. In effect, it's really shorting your own stock, and therefore a very conservative play to make. Here's a link that gives a more in depth explanation:
there is a good discussion of covered calls on Voltaire's Porch on SI. Every night Dealer posts afterhours quotes and at the bottom of the quotes she references the posts on covered calls. It's a nice way to generate cash in a sideways or down market.
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