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To: Len who wrote (5660)	2/29/2000 3:21:00 PM
From: J.B.C.	Read Replies (1) \| Respond to of 35685

You make money on the remaining premiums of a contract. See my note: Message 13004290 This is simplistic in a sense but once you have a handle on it, it IS simple. Jim

To: Len who wrote (5660)	2/29/2000 5:25:00 PM
From: Voltaire	Read Replies (2) \| Respond to of 35685

Hi Len, you either make or lose money at the time of expiration. The money from the premium goes into your account the next day. One must remember, they both credit and debit you account for the amount basically setting up a loan with your shares as collateral. When you write a call in your account you will see that you cash available goes up the amount of the premium and your buying power in a margin account doubles. They also debit your account for the amount of the premium each and every day. In other words premium on calls fluctuate and this will be reflected in the debit. You can spend the money but until expiration it is basically a loan. I realize this can be confusing but once you have been there done that you will see. v

To: Len who wrote (5660)	2/29/2000 10:53:00 PM
From: Dr. David Gleitman	Read Replies (1) \| Respond to of 35685

Good evening Glen: Timing is an important factor in rolling calls. I have found that if you are fast approaching options expiration, you should time your roll as late as possible. This can make the difference of a point or 2. As you are approaching 0 hour, you now have the maximum differential working in your "favor" to roll your calls into the following month. If you can refer to a post made earlier today, I bought back my 230 JNPR calls for about 10 and rolled them into the March 270s at 17, buying myself an additional 40 points of breathing room / appreciation as well as receiving an additional 7 point for the asking. In the case of JDSU, I bought back my calls when there was a pullback, sold them again after an advance, continuing the cycle. David