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To: taxman who wrote (165)	12/27/1999 5:32:00 PM
From: Jill	Read Replies (1) \| Respond to of 8096

Thanx for posting, taxman. I know your strategy has worked incredibly well for you. Jill

To: taxman who wrote (165)	12/27/1999 6:21:00 PM
From: voop	Read Replies (3) \| Respond to of 8096

Thanks Taxman I agree selling covered calls does not offer full protection and will get expensive if your stock melts up. I agree buying puts solves what I am looking for but the expense on a big position get tough to justify if done every month. Number three makes me nervous, i.e. naked puts. Heck, I don't even go outside in my pajamas Voop

To: taxman who wrote (165)	12/27/1999 10:42:00 PM
From: Grant Lu	Read Replies (1) \| Respond to of 8096

Doesn't selling deep in the money covered calls protect your gains quite well? Of course, you no longer participate in any more upside gain, but you have locked in your gain until the one year holding period kicks in. (unless there is a really bad meltdown) For example, say a stock is at 100; you sell a covered call with strike price of 60 at a premium of 42. If stock goes to 150, you gain 50 on the stock and lose 48 on the call. If the stock goes to 60, you lose 40 on the stock but gain 42 on the call. With commissions and spread on buy/sell, you come out even.