Visa was going into earnings pretty strongly.  Expectations were that they would beat. So, I half covered my Sep $80 calls by selling these Aug $80 calls.  Beating earnings usually means up trends in the share price, but I have learned that it is all about the statements concerning the next quarter - will they continue to be profitable?  And in today's recession times, the analysts were not so sure.  Oh, sure, Visa is a great long term play, but when the next quarter is not shining gold the share price may suffer in the short term.  I am still long - albeit my Sep calls will soon be gone and I will have to rethink my strategy on how best to continue playing Visa. 

So, to recap, I half covered in the event of bad news, and hope to sell against the other half in the event of good news, err, price movement.