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To: Clappy who wrote (6106)	3/5/2000 9:12:00 AM
From: Clappy	Read Replies (1) \| Respond to of 35685

Hey Coonaz! I just thought of another... I was wondering if Johnny Winter's twin sister Alice(who also has fair skin) if she married one of the Beano boys, would she be know as an "Albeano"... <sound of crickets chirping...> <Clappy Youngman bolts from the stage, ducking the hook and low flying flock of lettuce and dives under the porch for safety...> :^) -HennysViolin

To: Clappy who wrote (6106)	3/5/2000 10:53:00 AM
From: Jill	Read Replies (1) \| Respond to of 35685

Hi clappy, we should probably move this discussion to the options thread after this, but in any case: there is no such thing as "buying" covered calls. Calls are covered in the following sense: When you sell (write) a call, you are saying that you think the stock is overbought, at a high, or else basing at a range, and will probably stay there or retrace (fall back). You sell the calls and take in the "insurance" premium--that is you are selling them to someone who disagrees, who is buying calls becuase they think the stock will CONTINUE to go up. Your guarantee is that if the stock DOES continue to go up, you will give away, "sell", or let your stock be "called away" if it runs higher than you expected. This bnefits the call buyer (or really the Market Maker) who then gets to buy the stock for cheaper than it is selling that day, and sell it immediately for a profit. Hope that made sense. It is called "covered" when you own the stock, because then all you have to do is give up the stock that you already own. It is called "naked" when you don't own the stock (the position Volty is in right now with ELON, since he bought ELON and then sold it but did not buy back his calls), because you may be forced in the worst case scenario to buy the stock at a higher price than you wanted, simply in order to immediately sell it to the MM. That is why selling naked calls is considered very risky. When you buy calls there is no need to be "covered." You are simply investing a certain amount of $, and you will either make a profit or lose your $. So, you would want to buy RNWK calls if you think it is OVERSOLD, and is about to make a strong move up. Okay...let's move this over to the options thread if there ar emore questions, okay? :-)