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To: steve mamus who wrote (1562)	1/24/2000 12:07:00 AM
From: Jeffry K. Smith	Respond to of 8096

Steve, I guarantee you that selling covered calls increases your buying power. You might need to get someone sharper on the phone! I'm with you on trying to understand where your BP is coming from and going to, though, especially with the varied margin requirements for Internet stocks, etc. etc. Best, Jeff Smith

To: steve mamus who wrote (1562)	1/24/2000 1:00:00 AM
From: Jill	Read Replies (2) \| Respond to of 8096

Steve, your buying power would fluctuate with two things: the closing prices on your underlying stocks, thus total portfolio worth; and also, the closing prices on the various stocks you've sold puts on. For the latter, as I said, they take one of three formulas, whichever is the most exensive. And change that day to day. If you've sold puts on a stock that has seen a rapid runup for instance, so that your puts are nicely deteriorating, you nonetheless may find substantial margin held, as they will base it on the price of the underlying, which has gone up markedly. So when selling puts it's wise to leave a very nice cushion of margin for worst case scenarios--i.e. a major correction, and/or major fluctuations in underlying prices.