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To: waverider who wrote (17580)	4/1/1998 10:06:00 PM
From: Carmine Cammarosano	Read Replies (1) \| Respond to of 95453

One may hedge in many ways...When you buy in the money calls you are bullish and the deeper in the money the more bullish is your sentiment(of course the more absolute money you may lose)...therefore, if you think the stock is going to go up and you want to pay a very small premium, then, buy in the money calls...if you are very bullish buy deep in the money calls(no need to pay for a premium).If you have very little money and are bullish, then buy out of the money calls(I hate paying any premium)...on the other hand if you are very bearish, you can sell deep in the money calls(if you own the stock then you will be protected on the down side until the strike price is reached)...if you are only slightly bearish you can sell calls that are slightly in the money...