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To: Lucretius who wrote (9887)	8/10/2000 1:20:27 AM
From: John Pitera	Read Replies (2) \| Respond to of 436258

Luc, the entity that is long those puts now has the short position in CSCO. the shop that was the buyer of those puts can cover the position by buying CSCO. you may be arguing semantics but the shop that is long those puts can neutralize (cover) (square) the put position by buying CSCO common. monty's point is you don't cover puts is true for retail, retail sells their puts. Institutions do cover or neutralize a put position buy buying stock , since they are buying stock to square a short position, the use of the term cover to describe this tactic is appropriate. I have already verified this with William Safire....so you'll have to take it up with him -vbg- John