I noticed in most stocks that pay a hefty tax free dividend, the...

I noticed in most stocks that pay a hefty tax free dividend, the stock price drops a lot lot lower in the next few weeks…probability of picking up at -2 or even -3 times dividend paid from Cum dividend price is very high IMO. I have been doing this dividend thing trying to ensure about 20-30K every year in tax fee dividends, but end up with loss of capital (on paper) every time…CBA, RIO, NAB, S32, FMG etc etc. I would have had a lot more shares in each if I sell the day before ex dividend, and buy it back say 2 to 3 weeks later…..the probability of picking up at a much lower price seems around 70% if one waits for about 2-3 weeks.I am making up the drop in price by selling call options….at a strike price, which if they get called, will result in half of the dividend amount as capital loss, but mostly they expire worthless.That way if the stock price does go back up quickly ex dividend, I get to keep something. S32 looks like it will get to pre dividend prices this month itself, given the strength it was showing recently. I sold Oct 4.3 (now they are 4.25) options before ex dividend date, and I am almost sure they will get called. I would have made the dividend and a small amount of capital this time as I had bought S32 at 4.11

GLTAH