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"Siempre Adelante" I have been thinking a lot about my mantra since I read your post yesterday. I think mine is... "I need a miracle everyday"

Seems that way

PS I bought 5 put contracts at a 111 strike price. I own 500 shares, So that is "equivalent" to owning 5 111C ?

Thank you, I feel very ignorant when it comes to your level of options knowledge. Let me break it down into my language/understanding to see if I've got this. So, when you say "synthetic" you mean it is just like owning a 110 call. Mixing owning 100 shares with buying a put contract at a strike...

Thank you smallfil, I bought 5 PUTS. Spending more money and getting "long term protection" is a solid idea. I'll let you know how it goes. I have not sold any call options yet, That 115 put is a bit more expensive today, hopefully it will be cheaper tomorrow after earnings.

Thank you Cabin111, I've been selling covered calls for about 25 weeks. Your analysis matches my thinking, ability and attitude exactly. Even our wives chime in similarly. I decided to buy 5 PUT contracts on XOM to protect my shares, while I wait for Earnings/Fed/OPEC etc. Thank you for your...

118 is higher than XOM has ever been. The idea is it might go below 105 by April. XOM has been below 105 a lot more than it has been above. Good times bad times. Yes, I understand that I am basically selling my XOM at 118.

"married put stategy" means I hold my shares and buy puts underneath the current price?

Not sabotage, maybe she was trying to help. Don't jump to negative conclusions. "See honey, it's not the cat" "I got another cat so Ben would have someone to play with and not distract you" "I named the other cat Lucky so your luck would return"

Sell 105C tomorrow and cover post report as in "buy to close" because the vol will drop, thus the premium will drop? And I will buy back the contract and make money.

I get 2.34 extrinsic

When you say short you mean sell calls at 105 strike price April 21? When you say cover what do you mean? April 105 are bid 12.95

Thank you for all of your time and advise. I will continue to learn.

I will continue to read. I wasn't planning on getting into as complex trades as you were suggesting. Thank you for your advice. I would be snow plowing down a black diamond.

I'm bullish into earnings. I think earnings will drive the stock price up. I want to sell covered calls for my 500 shares at a high price on Tuesday. I think Powell will say/do something stupid or raise 50 basis points... whatever on Wednesday. In general XOM is at an all time high. I think it...

Thank you taowave. I want to keep it simple. I want to keep my shares of XOM. I don't want to just sit and watch (buy and hold) XOM. I want to generate income. I want to minimize risk. Maybe that can't all fit together.

I will look into short synthetic straddles. All I know is selling covered calls. All I know is that selling covered calls when the stock is at a high seems like the best thing to do. I get a much bigger premium at a higher strike price, and the stock is likely to retreat and will not reach the...

When I was trying to explain all of the "options" to my wife one night she said, "Can't we just own stock?" Kind of resonates in my head sometimes.