I have a post-earnings trade in $VFC and price is currently testing some Horizontal Support on the Daily chart:

This is an important key level for this stock here. Will Dip Buyers come in or does it work on the next leg down?

Here is my trade:

• I am long the stock at an average of $161.98 (after hours buys, after earnings report) on 10/23/2012
• I am short the November 160 Call (covered calls) at $2.40
• I have done 2 additional option trades where I either sold Puts or Calls and bought back later for gains. These trades have produced a $3.3 cushion.
• I am long the November 155/150 Put spread for a $1 debit (against the Call sale proceeds, this leaves a net of $1.40 for expiration next week).

Right now the November Put spread is ITM and is softening the blow of this further pullback. A good example of where an Option Collar (short the Call, long the Put spread) can be beneficial as you work a position.