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To: Voltaire who wrote (17945)	5/10/2000 8:32:00 AM
From: uel_Dave	Read Replies (1) \| Respond to of 35685

<<The mistake I see people making on covered calls is not buying back when there is no longer any intrinsic value left. With just time value left, the writer is no longer covered except for time erosion.>> Voltaire, then we should not let the CCs expire? It is better to buy back the CCs when all the time value is gone and then cover again for the following month? Correct me if I am wrong? TIA, David

To: Voltaire who wrote (17945)	5/10/2000 10:50:00 AM
From: puzzlecraft	Read Replies (1) \| Respond to of 35685

Voltaire, I really appreciate your detailed response, as this recent downturn provides the opportunity for discussion about things which do not intially work out to the plus side. As you know, ELON released fabulous news release today, and I think the long term picture for your friend looks much better. For myself, I still hold a good chuck of QCOM and have lessened some of the downside this year by writing OTM CC's. The protection % amount received has been pretty small due to my being conservative not wanting to have my equity called away to avoid a tax hit on the equity. John