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To: NOW who wrote (36986)	11/13/2000 6:20:38 PM
From: chic_hearne	Read Replies (1) \| Respond to of 436258

That depends, usually the same stuff that I'm short on. I've been saved bigtime on a few trades by doing this. I bought a ton of MSFT poots prior to their earnings and then it jumped about 15 points, but I still got out ahead on the trade. That was a lucky one, usually if the trade goes against me the calls just cut my losses. If things move like I want, do I really care that my INTC calls I paid a dollar for are worth 12 cents and the poots are worth $9? For a stock I think are going down, I'm buying the poot at the money and the call far enough out that it's about $1. I got crushed on a few of these 8% one day rallies in the Naz earlier in the year and the volitility is high enough now to make the premiums worth it, IMO.