Anyone who made the plunge and overweighted Elan when it got slaughtered recently might want to think about trimming down before the holidays. My favorite method is to let the market pay me for its excess, by selling covered calls.
Elan December $5 calls are bid at $1.20 right now. If you bought it at $5 when the latest scare hit the news wire (or less if you noted my reverse midas touch and waited a day or two), taking in the call premium now locks in a 20% return in less than two months for that extra weight you might have added.
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Mind on Money 