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Thanks for the reply.  Interesting comments.  I've looked at InterActive Brokers in the past but stopped 1/2 way through the appliction.  I am a Canadian going through a local bank with discount commissions. Maybe I should look at them again.

Anywaym I bought 100 shares at $80.88 for a total cost of 8,097.95.  I then sold 1 contract with June $80 strike for .25 netting $278.79.  As long as the stock stays above $80 I should be able to exit my position by closing the call and selling the shares next Friday before close for the commissions (cheaper than letting the option get exercised). 

 Normally I buy low PE companies who have high premiums on their OTM calls for the next month and sell them.  It's been highly successful since November but the market has been hot so I'm realistic in that I'm no superstar.  If the strike is met I close off near the expiry and re-sell OTMs for the next month.  My gains are limited but so are my losses. 

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