No. of Recommendations: 1

Meant to answer this sooner, but with the Fool One and MDP/Supernova/One annual get together the last couple of days, it just didn't happen.

Personally, I have a synthetic long (via options) as part of a synthetic covered call on Phillip Morris. It's strictly an income strategy and I tried to choose a syn-long strike price ($87.50) that was about midpoint of recent trading ranges. I've layered a sold short-term call on top of it a few times on top of that for income. Currently, I've got Mar14 $85 calls on it, with shares trading around $80 (and as low as $75 or so) recently. If it stays that low, I'll suspend the strategy until the share price recovers.

In a couple of my accounts, I actually own shares of PM directly. These aren't affected by the synthetic covered call.

I haven't been looking at the European market turmoil, recently, so have no comment about that.

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