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Agree with Biffer, 13.5 less commissions on opening and possibly closing costs is not worth doing. You obviously don't mind having the shares called, but are you happy to be assigned on the puts? If yes, sell 3 March 500 straddles, if no sell 3 March 500 calls.
A strategy I have occasionally used is to sell half the shares in the market, and then sell straddles to cover the remainder. You will then either buy the shares back cheaply or sell the remainder with greater profit. (Difficult to apply this to your 3000 holding)
Thanks to all contributors to this thread for interesting and helpful discussion during 2003, and wishing all a happy and profitable 2004.
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