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To: Broken_Clock who wrote (9899)	1/27/1998 9:56:00 PM
From: Rob Hinton	Read Replies (2) \| Respond to of 95453

To: dlucas, glen; Subject: Covered call writing notes ..."This looks like a very tradeable range if you are long and write on the rises and buy back on the dips."... When you write at the peak take some of your premiums and get upstrike calls (protects you from a run-away) and cheap puts (since the sentiment is bullish) for the downhill ride. Then at the bottom buy your calls back to prevent an exercise, buy more stock/calls for the ride back up. Shampoo, rinse and repeat! You'll have your basis down to pennies before you know it!

To: Broken_Clock who wrote (9899)	1/27/1998 11:08:00 PM
From: SJS	Respond to of 95453

Thanks Dave. In this very hostile environment, I'll give up some runaway upside to take a reasonable return and protect to the downside. I am looking at this as a very focussed trade with known parameters. 14% in one month in not bad at all. I will either keep the premium or get called. Don't think I will buy back. If the former, I will write again. If the latter, I will look for similiar, very focussed ST opportunities with another stock and try another 14% repeater. Regards,