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To: Mr. Aloha who wrote (337)	5/31/1996 9:14:00 PM
From: Chuck Williams	of 6570

Your comment on option sales is troubling (in my mind). People who sell CALLs usually must have the underlying stock in their portfolio (a COVERED CALL). Why would anyone sell calls if they expected the stock to skyrocket? If it did, they'd be in the proverbial "red" big time. The following is subject to my sometimes failing memory... My friend is a trader. He said that call purchases are sometimes made to protect oneself from "short selling gone bad." If alot of calls are being sold, and alot are being purchased, maybe people feel the stock is overvalued... Not my opion BTW. caveat: I may have my terms mixed up here, maybe someone can verify the above. Just some food for thought -- I'm still positive and in the game. Chuck

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