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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Elwood P. Dowd who wrote (64910)	7/10/1999 3:27:00 PM
From: semi2000	Read Replies (2) \| Respond to of 97611

Need opinion on CPQ option play I purchased 1000 CPQ at $24. Then it started going down so I wrote Aug22.5 (CPQHX) covered calls and collected $1750. So my total cost is 24000-1750=22250. Now that CPQ is trading 26.75, as the option is probably worth $4000 if I should cover. Any suggestion/idea to work out better deal out of current situation. BTW, when I wrote call, if the stock gets called away I would have made very small ($150 with commisions) amount. Thanks for any suggestion