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To: jeremy eddy who wrote (5414)	3/22/2000 12:11:00 PM
From: DM	Read Replies (1) \| Respond to of 8096

YOu want to buy 10 April 135 for 6 to close. Then after order is complete you can sell the new strike that you want. DM

To: jeremy eddy who wrote (5414)	3/22/2000 3:32:00 PM
From: Jeffry K. Smith	Respond to of 8096

You would say you wanted to "close out" your position. (the buy back of the calls you sold.) Then you would re-sell, as you know. Then entire buy back/sell process is called "rolling out" - time extension, or "rolling up" - higher strike price. HTH, Jeff Smith

To: jeremy eddy who wrote (5414)	3/22/2000 3:40:00 PM
From: codawg	Read Replies (1) \| Respond to of 8096

Actually, if you want both halves of this transaction to execute at once, it is called a "roll out". The order is sent to the floor as both a buy of the existing (short) position to close it and a sell of the new (short) position to open it. The advantage to doing the transaction this way, as opposed to the 2-piece replies you got, is that both transactions occur at once. You can't get stuck with only half the trade if the market runs away from you.