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To: Bob Pittsfield who wrote (18462)	5/12/2000 3:19:00 PM
From: J.B.C.	Read Replies (3) \| Respond to of 35685

Respectfully, I believe that some of you are reacting too quickly on your covered calls. Options week usually offers a lot of volatility, and in fact ELON May 45's are currently out of the money calls. There is a good probability that you'll be below 45 in one week, so you've left premium on the table as well as spent additional money for commision to close the May's. I've seen all the bullishness with regard to the upcoming months. Let me caution that there has been a lot of damaged and broken NASDAQ stocks this last month. Don't expect them to get back to pre April levels as quickly as they got here. There is a need for them to firmly base before their next move up's. Here is a link that is from Tom Dorsey that shows how long it took IBM to base before it made a solid move, good reading: Message 13557381 My strategy is to let my calls ride into options week, and with in the money calls to quite possibly let the stocks get called away. I feel that there's a good possibility to buy back the stock at a cheaper price. Look at qualcomm that has been basing since January. If you had written in the money calls each month since then and let the stock get called away, you would have enjoyed the profits from the calls and been able to buy back the stock at at a lower price. Even gorilla's need time to base before they march on again. Patience is the key. Jim