We hold 800 shares with an adjusted cost basis of 11.75 against eight May 18 calls that we shorted for 0.64.  Let’s take advantage of the market-makers’ propensity to rip off the public on the opening by putting in a lowball bid ourselves to cover the calls:  0.32, and you can make it a day order. _______ UPDATE:  We’ll put this one on the back burner for now, since time is surely no enemy of the covered writer.