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IDS World Markets Fri 23rd October 09


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i realize that most here trade much shorter time frames than i - but i would like to ask if anybody cares to give me their 2 cents - it would be greatly appreciated

 

1st time ever selling covered calls on long term gold stock positions

sold many/many Nov '09 calls on various gold stocks and received premiums of $3.50 - $4.25 each.

now most stocks are at or below strike price but lots of time premium for November (seems like a lot to me)

can buy back for $1.65-$2.25 each but I think the stocks look poor technically

any thoughts anyone? do i roll forward/roll down/close out/sit tight and hope they expire worthless?

have very/very low cost basis on shares and would rather avoid being assigned

just for informational purposes only

 

As long as things look technically suspect, let 'em ride. If things start to look better, buy 'em back...

 

You may have a much better feel about direction real soon.....

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