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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (30445)	2/4/2001 3:56:25 PM
From: Mannie	Read Replies (3) \| Respond to of 65232

Whether to buy back calls in a buy/write situation is something I am trying to wean myself from, at least as a reaction to a sudden drop in an buy/write holding. When I buy them back and rewrite at a lower strike, in retrospect, I uaually wish I hadn't. So I have been attempting to make my decisions and stick with them. Now, when I buy them back and rewrite, I at least push out a month and try to write at a price that allows a balance of, recovery of equity price, and a good premium. In short, when I buy/write and leave them alone until after the next expiration, I've done better.

To: Jill who wrote (30445)	2/4/2001 4:21:41 PM
From: lurqer	Respond to of 65232

not what to do with a buy-write Think your and Scott's comments on buy-write are interesting and appropriate. Since I'm writing on established long term positions, I've "just about" bought all of mine back. not beano stressless. Well I've been known to "spice up" my Beano with a little salsa - i.e. sell a few puts. Great for a range bound market, but can be suicidal in a downtrend. If the current dip reverses soon, I'll probably continue to try to "play both sides against the middle". lurqer