SKF update (8) 8/5/08

Bought back SKF 150C at $0.8 to close the covered call position.  Gain (8.9-0.8)x 100 = $810

The covered call position can hold to OE and do nothing, let call expired worthless. Since there is still more than 10 days left,  just make $80 more is not efficient.  As 90% of covered call value already been captured, I'd rather to free up my SKF share for other opportunities.   Because XLF  close to 22.5,  it could drop back any time.  This will provide a good chance to sell covered call again and make more $$$.

Total cost of  SKF: $145 now.    Wait for SKF  kick back in near term and sell covered call again.  This is safe bet.

Take care.