[Jason Strasser (strassa2)]

its a delicate game... most valuations obviously involve a bull case a bear case and everything in between, even if they have a target IV its not a very static idea, but more of a directional view on where a company is headed.

implied vol was very low in a mkt trending upward so often value investors over the past 5 years probably didnt want to cap their upside. now that implied vols are at very high levels i'd guess that you are going to see more and more covered call writing as the risk-reward profile improves.

also--if your valuation changes, you can always roll your position to a different maturity or strike... obviously crossing bid offer is a pain but its a more nimble position than you think.