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.
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