I sold 7 contracts of Year 2000 NOVL April 27 1/2 option @2 1/2 last month, only to see Novell's price went up to $34 last Thursday. With my already realized $45,000 capital gain, I decided to reduce my capital gain by rolling up/out NOVL covered calls: I bought back the calls @9 3/4, and sold year 2001 Jan 30 option @10 3/4, with one dollar credit.I think I have created a capital loss of this trade for 1999 with about $5000. And effectively rolled my options out to Year 2001.Does anyone have any opinions about this trade? My only purpose for this trade was to reduce the capital gain for 1999.ThanksFrank
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