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To: Jill who wrote (9147)	3/24/2000 7:38:00 PM
From: Mannie	Read Replies (1) \| Respond to of 35685

Jill, I have a question or two for you. As a newbie to selling covered calls, I made my first foray into cc's about 10 days ago. I sold 2 April 135s @10 3/4. OK, as of today that is not looking like such a brilliant move, but at least I am learning. Lesson #1 appears to be, don't sell cc's in down market , just an FMOC meeting. Lesson #2 appears to be, don't sell cc's on a great company like CSCO when they are down and about to split. OK those lessons learned and fairly obvious in retrospect, but still, I'm learning. Looking down the road to April expirations, if CSCO falls to fall back to 67.5, it seems the best move would be to sell 4 ITM May calls, and then buy back to close the April calls I sold. Am I thinking properly right here on this? If need be, you would keep doing this each month until you are in no danger of being called out of the shares? Thank, Scott