GigaMedia on the way up

As I hypothesized 10 days ago, Gigamedia, GIGM, has started a run up prior to earnings release on May 22.

I have a May $15 call written on the stock I own which expires May 18. My hopes are that if the stock is called away at expiration, the price will fall after the earnings release, and I can write another covered call on the stock.

This company seems to be doing very well and I am looking forward to seeing the most recent financials. The options carry a lot of time premium, so make for profitable covered call writes.

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