lt cap + jon,

Yeah, the two day 'pop-up' of INFN seems strange given that they appeared determined to go sub-$15 and stay there a while. As I was looking around for facts, I saw that they have had an upside surprise in earnings the last 4 quraters (or was that revs only?) So perhaps they pull that rabbit out once more. Not knowing the business in depth, I'd *guess* that they have an even chance to beat again: I'm not clear that InPhi's product is being put into play yet, or at least perhaps not past Microsoft's usage. So I don't see why the quarter wouldn't look good, but the analyst's focus will be the impact and guidance, if Fallon doesn't beat addressing that to them first.

I'm in the same boat as Jon, in a way - all my share costs avg. much higher than here, so if I were going to do covered calls, I'd buy a new batch to do it with. The two problems are obvious: If earnings stink, how badly? And if one bought it two days ago and sold out May 14's, the protection was down around $13.20, and that kind of cushion no longer is that attractive.