make sure you cut a fat check for Uncle Sam...

Can't afford to do that: tax liability is the biggest enemy against short-term trading. I used long-term covered calls to defer taking short-term gains if I think the market is too high. that way, you kind of turn short-term cap gain taxes to long-term.

but I also have a lot of short-term options to settle on Friday: the vol is too good not to short puts and calls lately. my Nov option positions are so big that I have to run a spreadsheet model to figure out the payout under various price scenarios.