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To: Kerry Phineas who wrote (27779)	2/4/1998 4:49:00 PM
From: DavidG	Read Replies (1) \| Respond to of 53903

Kerry, I'm sure that you know that going short and buying a call is an artificial put. Put-call parity would have short stock and long call equivalent to owning the same strike put and a cash level equal to the Present value of the strike price + dividends. Good luck. You said a mouthful :-) ...or...Straddle for short. DavidG

To: Kerry Phineas who wrote (27779)	2/4/1998 5:44:00 PM
From: Patrick Koehler	Read Replies (1) \| Respond to of 53903

Kerry, You know that I've traded options longer than you have been alive, but I don't know all that fancy language! I just trade `em<gg> First, my shorts and calls were not made at the same time. I shorted the stock, then, I had a loss, but didn't want to cover at that point, and chose to hedge with the calls. I just don't like losses. For January, I lost on only 2 of 17 MU round trip trades. Anyway, this MU just doesn't want to go down, and I covered at a loss, and will continue to ride the calls to 40+ or expiration. I'm now thinking of buying some March calls and holding them until expiration week or my target of 45-50 is reached, unlike the short term option trading that I normally do. No, it is not logical for MU to go that high, buy when does MU trade logically! <gg> Patrick