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To: Voltaire who wrote (3689)	2/14/2000 5:36:00 PM
From: Dealer	Respond to of 35685

Voltaire; I think I did what you have been talking to me about today. It took guts but I sold enough of my QCOM July 200 calls today to give me 100,000. I bought 600 CREE at 168. I then sold (6) of the March 170 calls for 19.25 giving me 1925 per contract for a total of $11,550 in spending money this month. No margin. As a bonus the stock ran up to 13.00 a share increasing my portfolio for the day 7,800. Not bad... The stock has gained 13.75 per share since I purchased. I was just checking to see what it would cost me to buy my calls back after the stock has increased from 168 to 181.75. At the present ask price of 24 3/4 it would cost me the 11,550.00 that I sold them for + 3,900.00. This still leaves me an increase totaling 3,900.00 (appreciation on stock profit). By repurchasing I am preventing my postion in the stock selling at expiration and/or I might have a chance to resell the calls before expiration. Voltaire this has helped me to understand my using the stock appreciation to repurchase my calls back. I still could use margin to repurchase if I wanted to. I shall wait to see if there is a correction giving me a chance to repurchase at a lower price. Using my money or margin to repurchase, depending where I am financially at the time. Are you proud of me? "or" Do I deserve a beating with a wet noodle. I was going to move into RNWK because of the premiums but CREE's premiums are just as good. I thought this might help somebody understand. If this is correct. If not ignore. Voltaire! Anything you need to add or did you do a good job teaching me. Thank you my dear! dealer