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To: mishedlo who wrote (205196)	11/16/2002 2:13:01 AM
From: Joan Osland Graffius	Respond to of 436258

Mishedlo, When old MO gets to an interest rate I like I will put on a credit spread. Sell leap covered calls and use the funds to buy puts same month. When it was getting sold off I looked at the play and the covered call would cover the cost of the put in "04. This play protects you on the down side and one sits back and collects the dividend without the risk of losing capital. I am greedy and going to wait for a higher dividend. Right now I am getting close to 9% from my TLM preferred A and am collecting some AA rated muni's at 6% non taxable which is over 8% pre tax. I don't chase higher yields with all my cash but IMO some of these instruments that are not high risk are ok.