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To: Bridge Player who wrote (1189)	1/16/2000 8:36:00 PM
From: Jill	Read Replies (1) \| Respond to of 8096

Hey look--whatever I think of those puts and their clothes, Fidelity tells me they're naked. So! :-)

To: Bridge Player who wrote (1189)	1/17/2000 12:37:00 PM
From: Tom K.	Read Replies (2) \| Respond to of 8096

...Not if you continue to insist that short puts covered by a short position in the underlying stock are still naked, or "uncovered"....<vbg>... BP, IMHO, being covered means that your butt is not exposed, i.e. you are protected. With a covered call, should the stock take off, the stock protects you from loss in an exercise. If it drops, you keep the CALL premium and keep the stock (albeit, at a lower price)..... but, you can come back to fight again. If you have a short PUT and then short the stock, should it drop, you keep the premium and make on the stock drop as well..... that's nice. But, should it rise, you have unlimited loss exposure, i.e., you might not be able to play any more. I submit that with this approach you are not protected (covered) at all. In fact your butt is so exposed that you might find people will be pointing at it and chuckling. Just my opinion. Tom