Russell 2000 -- IWM buy-write -- greed wins in the morning, fear wins by noon

9:25AM The market is at a pivot point, will stocks start trending up again or go for the dreaded "W"? My guess is for the uptrend, so I bought IWM at 56.10 and sold 56 Sept calls at 1.26 (net debit 54.84) -- two weeks to go on these options. I thought about going for more downside protection with the 55 calls, but gave up about .4 premium in that scenario. My greed overcame my fear.

11:40AM IWM is now at 57.04 (up .94 -- 1.6%), I've gotten about one third of my possible maximum premium in the last two hours. There is a lot more premium to be had by just hanging on, but it is hard to let that much gain ride on the table. I bailed out with a net credit of 55.24, gain of .4. I can write again another day (probably Tuesday) most of that premium will still be there.