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Non-Tech : Waterhouse Securities

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To: Joseph Francis Torti who wrote (721)	10/14/1998 11:45:00 AM
From: Chris Le	Read Replies (1) of 2076

>>Hi, I just made my first covered call buy, I sold november 60 for 5.00. Waterhouse put 471.00 im my margin account which is premium minus commission. Now my question is why does it show 1,457.75 the next day. I thought it stayed at 471.00 until it gets called or I buy it back. joe <<<<< Joe, im not sure where the 1457.75 came from but, when you write covered calls the premium received is yours and remains yours irregardless of whether you get called out or the option expires worthless. Settlement day is the next business day on options (as opposed to 3 days for equities) so the premium should be swept into your money market account the next day. Hope this helps, yell if you need more info. Chris

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