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To: RocketMan who wrote (29542)	8/18/2000 6:12:48 PM
From: Sully-	Respond to of 35685

....In that case, why do you want to protect the vehicle, which has proven to be a POS? .... Again, it depends..... if the underlying stock has turned out to be a POS, sure, that's easy..... let it go.... however, I'm assuming that folks have followed Voltaire's basic premise & did a buy/write on a solid company that you wouldn't mind owning outright. If your vehicle remains fundamentally sound & currently is at a discount to the rest of the market..... you may want to roll up & out..... one has to wiegh the risk of allowing yourself to be called away..... then move the money into another hot stock with nifty premiums..... you may end up with another stock that corrects right after you buy/write..... or the market corrects just after the buy/write.... how much would your previous stock correct in that same time frame? Again, when your covered vehicle goes into the crapper, you have to make sound decisions. It is not stress free & it is not always an easy decision. IMVHO, it is not always the best decision to cut & run.... thus the need to have a plan, & work the plan.

To: RocketMan who wrote (29542)	8/18/2000 6:24:24 PM
From: Mannie	Read Replies (1) \| Respond to of 35685

<Why not take the loss, and find a better vehicle? With the covering, you have not lost all that much, as your losses have been offset by the CCs. What am I missing?> If it is a company that you believe in long term, don't move on, the stock is probably right where you want it for the next month, at the bottom of it's trough. I think it really pays to get to know the companies you are working with, one of the traps off CC writing is to jump around just looking for the best premium.