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Wayne,

Thanks for your awesome insight.

Sitting on a long position with the banks pumping cash in has been a good strategy.

I have a portfolio of stocks and I probably will always still write calls as well.

Most of my trader buddies are doing well with just going long at the moment.

By way of example on a junior gold miner ETF I entered a PMCC last night with expiry of 10 July and slightly ITM. This one is more a defensive play and by close of trade this morning I already missed out on nice capital gain (had I not written a call).

For me its about taking the guess work out of the market and making an income regardless.

For the most part I've probably proved why this strategy would perhaps overwhelm some. My trade will potentially have me missing out on lots of capital gain on expiry which will make many think "what now."

So definitely risk and reward to consider. In my CC portfolio I'm happy with how I manage the risk vs reward. I don't hit 4s and 6s but get the singles.

I also have a portfolio where I'm only long.

With the PMCC (ie simulated long position) my ROI will be ~18%. (ROI isn't typical, vol has created the opportunity)

As for Aussie options, I definitely wont touch them for all the reasons you and many others have said.