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To: Stu R who wrote (4678)	2/23/2000 2:31:00 AM
From: Jim Willie CB	Respond to of 35685

if I may, after discussing this personally with VoltReb you dont let yourself get called away if you write calls on months after earnings reporting, you will likely not be called away much... e.g. Feb, May, Aug, Nov suppose you write March150 Qcalls next week if we hit 142 suppose as we approach third Friday of March, Q is rising more specifically, suppose early in March, Q is 148 your Qcalls might be even with your original written value if so, then buyback for net zero transaction if option now is two points higher, then buyback for loss so what about loss? .. take it your shares would not therefore be called away your retained shares would easily manage to buyback using margin power your retained shares will be moving up nicely, with acct much higher it would be a poor strategy to simply write calls on the first of the month for that month's expiration instead, write calls after a run that meets some criterion a criterion like after a 10% runup, write calls versus 1/4 of Qshares 3-5 days later, write calls versus another 1/4 shares Volt stresses writing calls to provide a predictable steady income write calls to capitalize and profit from time decay of option premium write calls to pull money from your stock account all too often we protect our accounts from intrusive withdrawals, and thus never improve our lives then later, if calamity strikes, you would have pulled much and enjoyed much and changed your life much if you own some shares on margin, target them for CC's you are free to be called away remember that you sell for strike price, and keep premium if you write calls after run, you will be called away less often than you expect correct me if I misinterpret your maverick rebel ways, Volt /Jim