Thanks a bunch to both of you for your detailed responses! Sorry don't have much to post at this time in the way of helpful trading advice. Must say that a bunch of what I do now know/watch, I learned from you fellows!

Currently am short some KCH0 125 puts. Sold CLH0 65 puts Feb.1, and on Friday's plunge added to shorts. Later in the day I liquidated those for $300 profit/contract when I decided windfall profits need to be crystallized.

I am finding this option selling to be lots of fun, but not sure if I can devote the necessary time with my other responsibilities. It's definitely not just sell options and watch them expire, sell some more, etc. I'm starting to realize the full attention needed for a complete package which includes keeping indicators very current AND having a (constantly changing) plan of defense when things go awry.

Keep them posts coming!

jehu