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To: hpeace who wrote (25762)	12/19/1997 12:38:00 PM
From: McNabb Brothers	Read Replies (1) \| Respond to of 176387

steve, <you will see just how safe a naked put is if you were going to buy the stk anyway.> This is what I have been saying about naked calls if one is willing to go short the stock! I'm glad I have finally convinced you that my way of trading is not that dangerous! Hank

To: hpeace who wrote (25762)	12/19/1997 12:55:00 PM
From: Jim Patterson	Read Replies (2) \| Respond to of 176387

. He makes a pretty good case for the naked put is the safest play "assuming you have to buy stk anyway".... The only stock that has to be bought is undercapitalized short sellers. You assume that the stock has to be bought. An announced buyback program does not mean that the stock will be bought back only that the co is planning on using extra cash to buy stock back. If the stock price falls, then the company has used its precious cash resources poorly. (IMO) Jim