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To: Marvin Mansky who wrote (17447)	6/29/1999 5:34:00 PM
From: Alok Sinha	Respond to of 64865

I do not (usually ) sell naked calls. I have written out-of-the-money covered calls and the only risk that I have is that my underlying stocks positions will be called away at about 10-15% above what today's prices are (i.e, if NAS moved up another 150 points in the next month or so - which is possible, but not probable). I can certainly live with that risk. Today's rally may be for real, and may continue for a while. I usually put on defensive positions (covered calls, long puts) when I perceive risks outweigh rewards. It just reduces portfolio volatility, and you don't have to worry about hourly stock movements. Regards Alok