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I would appreciate hearing from Fools who can direct me to information about a relatively conservative strategy of selling covered calls on specific stocks, or uncovered calls on the Utility Index. When attempting to generate income while protecting gains, is it better to sell out of the money calls, deep in the money calls or a blend?

I've got news for you, friend, selling uncovered calls is not a relatively conservative strategy. That's one way to get rid of your father's capital, though, if that's your intent.

Selling deep in the money calls is guaranteed to call away the stock, and since you don't want to sell the stock, I wouldn't use that strategy. Likewise, at the money calls risks losing the stock. Out of the money calls on utilities might not produce much income at all. So, basically, I'd say forget about using an options selling strategy.
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