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To: jmac who wrote (1000)	1/19/2000 1:09:00 PM
From: Ed Forrest	Respond to of 35685

<<I just want some peace of mind on the downside risk.>> jmac Sounds to me like you already have a plan,go for it.The first instinct is usually the right one. Cheers Ed

To: jmac who wrote (1000)	1/19/2000 2:23:00 PM
From: im a survivor	Read Replies (1) \| Respond to of 35685

<<I just want some peace of mind on the downside risk.>> Sorry, but I am having a hard time figuring you out. You want piece of mind on the downside so you are thinking of selling your long position and buying some april calls ??? First of all, long is much safer then short term calls..especially so when the market is near a high. If you lack piece of mind holding a stock like qcom long, what is your piece of mind going to be on a short term call experiencing the same volatilty that could expire worthless leaving you with a loss an no qcom long shares. Then you will have to watch qcom run to new highs after the fact and make your misery even more severe. If you are going to swap, which I wouldn't do as I feel you just can't have enough of this stock, then at least go with something that will give you the piece of mind you are looking for like the 01 or 02 atm calls...then sleep well. As far as protecting against some downside, you are missing the obvious. Why not write some covered calls and roll them down as long as qcom is down. Buy them back when we switch to the upside for good. You can keep your stock, not pay any cg tax on selling it, and make some good premium dollars while it is on a downward trek. But if you really insist on selling it, I'll give you $100 a share......and in 2 years I will sell it back to you with a $50 discount off of current price at that time..... Keith