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To: Jeffry K. Smith who wrote (8126)	3/19/2000 12:58:00 AM
From: Dr. David Gleitman	Read Replies (1) \| Respond to of 35685

Good Morning Jeffry: With regards to Elon, if it were to maintain a 10 or 12 dollar permium (is that ther correct term?), for selling cc only one month off, you would be able to obtain 4 months worth of monthly cycles yielding 40-48 dollars as opossed to 31, if it was done month to month. The advantage that I could see is getting that premium up front. I guess my comfort level is selling cc one month out. With buying back calls, I made the "mistake" (with 20/20 hindsight, of course)of not buying back my BRCM calls. I originally sold the February 180 cc on BRCM about a week before options. It went up to 187 at options expiration. I then rolled them into the March 200's (giving me an additional 2 points besides the additional 20 points in head room). During the last week, when the Naz took a dive, the option dropped as low as 1.5 when BRCM went down to 185. Coulda/woulda/shoulda/but I didn't buy them back, thinking that they wouldn't go up past 200. It closed at 217. I rolled the calls once again to the April 230's and took in an additional 1.5 points for selling the calls. For the time being, I feel more comfortable selling one month out. Part of my past experiences was selling cc about a week before options expiration on AOL. I always found that AOL would always close right below the strike price demonstrating the max open interest. It never failed! I guess one advantage of selling cc far down the line, or even leaps, it to obtain the fat premium up front, and use the money to take a 6 month vacation around the world. ...come to think about it, that may not be such a bad idea after all..... David