Options Strategy Solution

["Francesco Topino" <francesco.topino@xxxxxxxxxxx>]

Hello everyone,

let's say that stock XYZ is @ 5 and Mar02 5 calls are $0.55. you  buy 100
XYZ @ 5 and sell 1 Mar02 5 call pocketing the 0.55 premium. the stock
bounces to around 6 but you believe it is a dead cat bounce and it will be
below 5 at expiration. is there a way to lock-in the 1 point profit on the
stock without selling the shares and risking having to cover at a loss in
case the stock is above 6 at expiration?in other words, is there a way to
get both the 1 point on the stock and the premium on the call? buying a deep
in the money put might work as long as the stock stays below 6. any
suggestions?

thanks

FT