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To: Janice Shell who wrote (1944)	12/9/1997 2:07:00 AM
From: John H.	Read Replies (2) \| Respond to of 2563

J, A good strategy, especially if you haven't run Scandisk for some time. Still, you can tell it not to fix things automatically (in the opening screen) and at least get the information about waht's wrong. Update on R's hedge trade; perhaps you can help clarify the pitfall, as I still can't see it. Per R hisself: It turns out the puts in Tri-Continental were severely overvalued for a reason, having to do with a year-end payout we were unaware of. If you put on the hedge over the last couple weeks, it's probably best to close out the position Tuesday. The loss will be minimal, however, somewhere between 1/4 and 1/2 point depending on where you were filled. Future hedged positions will avoid shorting altogether to prevent any similar occurances. *****End of commentary***** So, if you short the stock, and sell the puts, and the stock goes to 20, and you get assigned, you keep the money from the puts and deliver the shares to close your short. Even if it goes back up the next day, you still have the money from the puts and you have the stock to close. If it goes to 20 and hangs, and you don't get assigned, you have the money from the puts and the money from the short position. If the stock goes up, you exercise your calls to buy it at 30, and you still get to keep the money from selling the puts. If the stock goes sideways, you buy it back at ~ 30 and you still have the money from the puts. j rockefeller Howcanyalose, WA