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learn to understand benchmarks a bit as murray said that way you can understand when its a good time to go long or short reflecting on the market as a whole. if youre day trading than etfs can be good instruments. since you are new id focus on 2-3 stocks that you like but just make sure they are...

well you sold the stock and bought it back so technically its not a covered put anymore. it would just be a short put. selling short and than buying back cancels out the position. unless you are holding long for some one reason not stated above