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To: SJS who wrote (2632)	10/31/1997 2:00:00 PM
From: The Perfect Hedge	Read Replies (2) \| Respond to of 95453

Steve-- What are you using as an option calculator?GD

To: SJS who wrote (2632)	10/31/1997 2:06:00 PM
From: Big Dog	Read Replies (2) \| Respond to of 95453

Steve -- I would be interested in where one can obtain one of these "option modelers". I bet one can be downloaded somewhere, right? Actually I look at the protection including the part that was sold in the money. I am protecting it because I already have the money for it. If the price of the stock dropped 9 from 38.25 to 29.25, I would be "even". If at expiration the price is 35 (strike price) plus 9 (premium), or 44, then I am again even. I think I only come out worse if the stock is below 29.25 (which I would still be holding anyway, regardless of whether or not I had sold the calls), or if the stock price is above 44 at expiration -- in which case I would not benefit from a price higher than 44, but would not lose anything. However, I plan to be long gone from these calls before expiration. it won't take much of a price decline to lower the price of the options to about 5, in which case I can snag 4 points or about $29,000 realized profit. Then of course I sell them again on a rise in the stock. Sort of makes it hard to know how to cheer on the stock...but since I still have many more shares, I will cheer for UP !! mike