Atticus and Nanook: If you are asking if I do covered call writes and covered put writes at the same time on the same underlying stock, the answer is NO. Matter of fact, I presently don't have any open covered call writes. I was going to do one on GM...buy 200 shs and short 2 August $10C; however, I decided not to when I looked at the GM Balance Sheet for March 31, 2008. GM's liabilities exceed its assets by approximately $40 Billion. By any standard, GM is one sick puppy.