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To: Uncle Frank who wrote (7763)	4/12/2001 11:12:33 AM
From: BDR	Read Replies (2) \| Respond to of 10934

On March 22 (NTAP trading in the range of 19.375 to 22.5) I sold the April 25s for 1 3/16. With the price drop I bought back those calls two weeks later on April 3 for 1/8. On April 4 (NTAP trading between 11.4375 and 12.9375) I sold the April 15s for 3/4. If those look to be in danger of being exercised I will roll up and out. Today I could buy the April 15s for 1.20 and sell the May 17.5s for 1.50, net .30. Obviously I would prefer to wait until next week since the 1.20 is all time premium. No home run. Not great timing. Not even a lot of downside protection as the stock price collapsed. But I have been collecting a dollar or more per share per month on everything in my portfolio with the expirations in Dec, Jan, Feb, March and probably April as well. That amounts to more than I make in my day job. And it has kept me from jumping out the window as the market tanks. I live on the first floor so jumping wouldn't help much anyway. If I were selling today I would sell the Apr 15 ($1.10) for 7.8% return if unchanged and 10.6 % if exercised. More conservative would be the Apr 17.5 (.35) which provides a return of 2.1% if unexercised and 22.2% if exercised. 2% doesn't sound like much but that is 2% in 8 days. Only the Mafia does better. Of course, if one is holding just a couple of hundred shares, commissions would probably kill the latter trade.