Buy/write BA Boeing
buy stock, sell the Jul 80 call
Buy/write CAL Continental Airlines
buy stock, sell the Jul 30 call
As of this writing both stocks are dipping and moving against me. The small premiums of the front month calls are small comfort.
current positions, all hedged, long stock, short calls:
JPM, MAR, MCD, PGR, VLO, BA, CAL
MAR and VLO are in the money and may be called this Friday at expiration
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