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To: Ian@SI who wrote (175)	11/17/2006 3:25:53 PM
From: tuck	Read Replies (1) \| Respond to of 507

Nice one, and a good thing, your face was getting blue. I was expecting a pause in the rally before this, so I left a little money on the table when I bought back my sold puts a few days ago. Still made a nice chunk of change on those. The small core covered call position remains, as I rolled into December calls a little later. I continue to believe in the viability of this stock as a covered call vehicle. Speaking of reversing "normal performance and snatch victory from the jaws of defeat," my summer/early fall buying frenzy has paid off nicely, in general, and I've booked a number of those gains and hedged others on the way up. The portfolio was looking at only marginal gains until then; now it looks as though I'll have one of my best years. I need to learn to bail or severely hedge EVERYTHING going into spring, and buy some index puts for the summer and go on an extended climbing trip. Maybe next year. Still expecting some kind of pullback soon, though not a big one. This goldilocks combo of tame inflation, reasonable growth, and falling oil prices probably won't last forever. Anyhow, freeing up some buying power in the event a leg of that tripod gets chopped soon. The usual strategy is first to buy back hedges (sold calls), then to sell puts, and if things look really oversold, to buy calls. That's been working pretty well of late. Cheers, Tuck