Back into Yahoo buy/write

I bought Yahoo (YHOO) at $31.40 and sold Jan 2008 35 strike calls for $4.70.  I am doing this ahead of the earnings report tonight.  I think that there is some upside limits to YHOO (hence I sold the calls) but I do think that below 27.5 there is value.  Yahoo is a real business and is not going to be eliminated by Google (GOOG).

I own the position described above.

Disclaimer:

Nothing in this blog is meant to be specific financial advice or a recommendation to buy or sell.  I do not give investment advice.  Do your own research.  Do not rely on anything in this weblog to make investment decisions.  I do not log all my trades here. I only describe or mention those that I think might be interesting. Consult an investment professional familiar with your specific financial situation before buying or selling any security.