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To: tracyx who wrote (20913)	5/31/2000 1:00:00 AM
From: Mannie	Read Replies (2) \| Respond to of 35685

Tracy- I am a novice cc writer, I have been at it 3 months or so. It is the best tool I have going for me in this market. Yes you can keep selling calls a month farther out, and eventually you will get a scenario where you can buy them back very cheaply, or they will just expire. I bought back June 110's for 1/8th today.

To: tracyx who wrote (20913)	5/31/2000 1:38:00 AM
From: Sully-	Respond to of 35685

Hi tracyx, I would love to give you my two cents worth, but my advice may not even be worth two cents ;-) FWIW, I think QCOM has put in a bottom. I honestly thought it would fill the gap around $56, but the smoke is clearing on CDMA's future & that IMHO bodes well for QCOM longs. That volume during the sell off & the run from the lows is very compelling. However, I am not convinced we go straight up from here though, but I'm thinking QCOM's downside is more limited than most other quality tech stocks. As for your question, I'm assuming you sold calls to fend off a margin call (your post to me contradicts that though). Now you wish to purchase them back to let them run in anticipation of further QCOM surges. I think Voltaire's strategy in this situation is to buy theses calls back a little at a time. I would think that is sound counseling as the market may still be volatile for some time. If you buy it all back on strength tomorrow, you may miss the opportunity to buy some back on potential weakness (not just in QCOM, buy the overall market pulling QCOM down). As for you desire to sell other calls to make up your margin & attempt to buy them back too.... Again I'll assume you need to generate $$ to keep from a margin call. There is a lot of risk in attempting what you are doing IMO. Me thinks you are convinced that QCOM will run away from you & you will be stuck in the CC's you have so upside participation will be cut off. If you decide to buy back some/all of your calls, you need to accept the potential that the NAZ may turn south & take QCOM with it FUD, no FUD, good news or not. That is a real possibility. It just might not be the time to take an all or nothing stance at this time. Consider nibbling on buying back the calls - like doing it in 1/3's or 1/4's until you hit your objective. You don't get all the upside if QCOM runs now, but you also don't lose even more because QCOM went south & margin is soooo unforgiving. It's possible that QCOM & the market could run for a while & tomorrow could be your best time to buy them back. Then again.... The NAZ gap opened today.... many quality tech's gap opened today.... IMO, that's bad ju ju from a TA standpoint.... Have we seen the bottom to this correction? Will we test the bottom we just made? If so, when? From a more macro perspective, I'm not sure the market will run a long way without retracing, maybe retesting the new low. Sorry for the lengthy response tracyx. I wish there was an easy answer. Maybe Volt, Jim Willie, Jill, RR, Uncle Frank or other option knowledgeable porcher will weigh in with a better answer. good luck, Tim Again, I think QCOM has seen it's low & if the market tanks again, QCOM may be stronger than most of the others.