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To: techguerrilla who wrote (5655)	2/29/2000 2:15:00 PM
From: J.B.C.	Respond to of 35685

I've heard folks here "speak" about the risks of losing their shares of Q if the price goes beyond their strike price. As an alternate, you don't have to write cc's against existing shares. For example: I just went into the market and bought round lots of SEBL for 142.25( another fine CO. ) that I already have a core holding against. I then turned around and sold March $135's for $13.25. OK now what happens... well if the price goes up and I get called then someone just paid me a 3.8 % return via premiums(including my commission charges)for 18 days of my money working, or annualized a whopping 78% return. If the price falls below 135, I get to keep the shares, I get to keep the 13.25/share someone paid me, w/o commission that means my cost basis on a fine stock trading today @ 142.25 is $129 (not counting commissions), and better yet I have a position now that I could cc against for April that I don't care get called away since I'll maintain my core holding, America, what a great country! Jim