RDN is probably going to make a massive 100% move soon back to the $4 range so I will not be selling any covered calls until we get to that amount. I think the move up will be vicious at this point. Most longs will still be underwater though even if RDN doubles.
I know Cedar. I've read almost all your posts. Hopefully you make out good on this investment. For me however, $5 would be exceptionally nice. I could cash out everything for over $200k plus option premiums if this plays out. BTW, im not bragging about my system. I bought shares in the $7's just to sell covered calls on it to drop those shares to around $5.50. I just think there are many opportunities for covered calls as well as plenty of times when it is "for pennies".
I rolled over to Nov $5 Puts a while ago. I also sold some $4 Puts as well. On top of that, I started buying shares almost weekly on RDN ever since it went below $4.50. I should be averaged down to the $3.00 range soon. BTW, mortgage applications surged today so hopefully we get a jump.
I know I got slammed for selling $5 NOV puts, still holding those contracts. I don't mind though as the company keeps making good progress come NOV it will be within that range rendering the contracts worthless.