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I have been observing the market movement. This is giving me very cold feeling. More and more I see on stock value movement, more I tend to go with the notion that we are due for a big correction down side. It has become a very big decision to hold or take the profits and get out or write covered calls to protect down side. I have established quite a few covered calls.

IBN, GDX, UPL, HAL, VPHM
and few more. All are protected to at least 10% down side from the levels I bought. At present all the above are up and in some cases 20-30%.

I Have USD, average is $31.95. This stock recent high was 41, yesterday it was at 40.15. This morning it has corrected a bit, I do not know where it gets closed.

OCT 41 calls can be sold for 5.50 or so. If i did this I have upward profits to 47.50 and down word I am protected to 26.50. Any where in between I make money. If the stock never corrects, my profits will be limited at (47.50 - 31.95) = 15.45 per share. i.e is about 45+%. I should be happy. I amy do this today.