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To: Haim R. Branisteanu who wrote (127709)	10/5/2001 12:54:33 PM
From: Tommaso	Read Replies (2) \| Respond to of 436258

I would not write calls unless I owned the stocks. Bear market rallies can be surprising and vicious, and I don't want any margin calls. I can hold the Dow puts until January of 2004. Furthermore, because they are European style puts, they sell at a discount (at this point, about $600 per contract) to the ultimate cash value. The 140 is at about 44 or 45 right now, and with the Dow at 9000, that's $600 less than if the option were immediately executable. I got tired of that sweaty feeling of holding a short position on the tech index through the bubble.