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To: Sully- who wrote (5277)	2/27/2000 10:26:00 AM
From: Voltaire	Respond to of 35685

Hi Wisteria, You do not fall in the category of those who need much income therefore I suggest you live out of your margin account. You did commit the most common error in writing calls. NEVER, NEVER, NEVER buy calls back unless you are going to roll out to a higher another strike that is paying more than the ones you are buying back cost or THE NEWS IS SO COMPELLING THAT IT WOULD BE FOOLISH NOT TO, this kind of news is rare. A good example of that kind of compelling news is when I covered before earnings and then they announced a 4 for 1 split, I bought back the next day at market. Why, because you are now playing the market again and timing the market is impossible, no one is that good. See what happened when you bought those back. I would assume from last weeks action that you lost on the deal. I AM STILL COVERED ON THE CALLS I WROTE JUST BEFORE THE LAST EARNINGS ANNOUNCEMENT, what if I had bought them back, WOW! A word on being called. THIS IS THE MOST OVERATED BULLSHIT in call writing. I have written hundreds of calls and not once before expiration have I ever been called. Most option buyers are not buying calls to purchase stock. that is no to say it will not happen but the naysayers to call writing hammer this all the time which tells me they have not been there and done that. They are simply passing on some info they read. Trust me I have been there and done that and so have my people. V