all very good points guys -- i may wait until after the FOMC to do anything. the problem selling KBH calls as spreads as I see it is the strike intervals are so wide (45, 50, etc), the bullish section of the spread (purchased calls, ie) is so unlikely to active as a hedge to the short side. By the way, I'm not talking about selling many calls. but call selling into earnings isn't my normal style anyway ... I'll rethink this, just a fleeting idea. Any ideas guys on the homebuilders?