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To: rudedog who wrote (143778)	10/4/1999 9:19:00 PM
From: taxman	Respond to of 176387

"so should I buy back my nov 55 calls?" 3/8 7/16 is the quote, resulting in an implied volatility of about 50. 44.10% is average volatility for the past 30 days. on that basis the option is somewhat overpriced. having said that, the potential gain is very small compared to the risk if you are naked. if covered and you want to hedge, i believe buying the put is the better way to go. no matter how many successful trades you make writing options, one unlucky one can wipe out all of the profitable ones. that's how i see it based upon my experience. of course it's your decision. good luck. regards