I know I'm a bit late to the discussion, but I sold covered calls Jan-April 2009 and wanted to throw in my two cents.If you're looking for appreciation, selling covered calls might not be the best approach. You look in your max profit for current income.Of all the covered calls I sold, I was only assigned a couple of times, mainly since I was selling them in a downward market. The current market is trending up. We're up 23% over the last 6 months, so there is some rumblings about an upcoming correction, but timing that could be difficult.When I sold calls, I sold at a price that I was willing to sell the stocks for. If I was holding Microsoft at $17.79, and I was willing to sell at $21 a share, I'd look into selling covered calls at that price. If I couldn't find a good premium for that price, I wouldn't sell a call at a lower strike price.Right now I'm learning more about buying calls. I've make my first purchase, and am holding until I see how that turns out.WRJ
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