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Let's say WLP drops to 53, where would you write the new calls? Thanks.

Check out ISRG Jan 07 120/115 collar. A few seconds ago it was a $5 credit, but has dropped to 4.70. Or check out others in that range. Stock is kind of pricey at $120.

What's the best way to exit a collar if the puts are ITM? Exercise or sell the puts? Or does it depend on if you want to keep the stock or not?

Still waiting for DIA 109 puts to get filled @ 0.15. Edit: Got 'em. (Now Dow will have another 200 point up day.)

If the data supports it then go for it. I would want to see it work for several years worth of data, if not decades.

I'm missing something. What does the first tick have to do with HOD or LOD at the close? How high/low do you set the stops? Have you tested this with more than 43 days of data?

Maybe the odds just went up. YHOO could be the straw the broke Creamer's back. http://www.elitetrader.com/vb/showthread.php?s=&threadid=71571&highlight=odds+AND+cramer

Just sold the rest @ $1.50. I'll have a look at the puts. Edit: Put in an order to buy 109 puts @ .15. If I miss it then oh well.

I woun't play the DIA next month just because it's expiration week. It just looked to be way oversold this time. Now the question is: do I take the rest of the profit now (it's almost a 5 bagger), or do I let greed take over and watch it slip through my fingers?

Sold 40% of them for .65. That pays for the original buy. The rest (if any) is pure profit. Woulda coulda shoulda bought a bazillion of them.

No. TOS shows the bid/ask for 109 as .35 x .45.

DIA 109 calls. Doubled since I bought 'em today. .20 to .40.

The title is misleading. The book is about developing a trading system that works for you. It's doesn't present a cookie-cutter system like it might sound.

On the other hand, how many BG's are there compared to Enron employees who lost their retirement?

Yes. http://www.lbrgroup.com/images//Photos/chicago_office.PNG

Read Van Tharp's book. Random entry beats most methods. Money management and position sizing are more important. You sound like a legend in your own mind.

Dang. I was reading an article late last night about how successful "sell in May and go away" really is. Too bad I didn't bookmark it. Maybe I'll find it in my browser history.

The strategy is describe by Lehman and McMillan. They call it "bull calendar spread", "diagonal spread", and "call-on-call covered write". Basically the call you want to write to collect the premium is "covered" by the long LEAPS call. The assumption is that the LEAPS won't lose much value, so...

Greenspan was installed in 1987, just before the crash.

Coincidence.