China stocks getting hammered!

Chinese stocks are down across the board today.  Shares & ETFs are off 7-9%. One of my holdings, Gigamedia Ltd. (GIGM) is off about 5% to $12.44.

The good news is that I bought in at about this level and sold the March $12.50 call for about a 6% premium. I would not be unhappy at all if the stock stayed below $12.50 until expiration and I was able sell another call. I had better be careful for what I wish for!

Actually, I expect the stock will rise back above the strike price before expiration. GIGM appears to be a company going somewhere.

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