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To: MonsieurGonzo who wrote (8979)	2/15/2001 12:34:00 PM
From: Gersh Avery	Respond to of 11051

FWIW It looks like the SPX has been stopped by the 50 day SMA a couple of times now .. currently ~1335

To: MonsieurGonzo who wrote (8979)	2/15/2001 1:16:57 PM
From: Jurgen Trautmann	Respond to of 11051

cont. QQQ / short calls Steve, this morning we had no-cloud-blue-sunny-heaven and K. urged me to walk a bit along the Saar - thus I had to stop writing IMMEDIATELY. What I like to add is that this system is - like you told - nearly free of stress. IMU the focus is shorting calls - the QQQ-gains itself are "normaly" limited (if not last year...) by around 40%. What do you think about covering that call-shorting by long leaps? A jan02-leap at the money should sell around $10, so the cover for your 100k would cost less than 20k. I'm sure you have considered this and was curious what reasons you've found against that model. Nevertheless, one resume still here and now: Even if this is the usual model of institutional investors and I knew that of course, I never was thinking over that IN DEPHT like K. and me did that during our walk. I'm hurry again but I will look at this from each side asap. Thank you for this "inspiration", thank you for taking the time and expanding all this here. Must goto diner! Jury