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To: Big Dog who wrote (19757)	4/20/1998 6:19:00 PM
From: upanddown	Respond to of 95453

Dog: I think he is talking about bareass nekkid calls, not covered. John

To: Big Dog who wrote (19757)	4/20/1998 6:20:00 PM
From: Broken_Clock	Read Replies (4) \| Respond to of 95453

He is indicating that he wants to sell NAKED calls. I think he would be required to have plenty $ in his account to do that. I'm guessing...but since PFE is 100+/share and one contract could be worth 10K then 5 contracts would require 25K(marginable) of free capital in the account, at least. What a bummer if next week a Viagran zombie rapes 38 women in a wild overdose spree. That's the kind of news that could either send the stock plummeting because of a class(in this case crass!) action lawsuit from the victims or send the stock skyrocketing further. Drug stocks can be tricky...G Is it true they were testing Viagra on drillers in the Gulf last year?

To: Big Dog who wrote (19757)	4/20/1998 6:21:00 PM
From: Teddy	Respond to of 95453

OT i understand it: He wants to sell naked calls so that if the stock keeps going up he will have the pleasure of losing money that he doesn't have. It is the kind of think that people with a "problem" do. The only thing that will save him is that, most likely, his broker won't let him do it: i think you need like one half million dollars in your account to sell 10 naked calls on a $100 stock.

To: Big Dog who wrote (19757)	4/20/1998 6:22:00 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 95453

Big Dog Anyone can sell naked calls (sell to open) if approved by your broker. Beebs, first, congrats on a winning trade. All of us know the suffrin' you've been going through. Why sell the 100s? Sell the 110s or 115s, especially if that will get your original outlay back in your pocket. Mike

To: Big Dog who wrote (19757)	4/20/1998 6:24:00 PM
From: marc chatman	Read Replies (1) \| Respond to of 95453

B.D., you can sell (or write) naked calls (i.e., you don't own the underlying stock), if your brokerage account permits. It is very risky, unlike the covered calls which you have been writing. If the stock runs north, the buyer of the calls will exercise them at the strike price, and the seller must then buy the stock at the higher price and transfer it to the buyer. In that sense, it is a similar to shorting the stock. What Beebs proposes is to write calls for next month; he already holds calls for September. So, he figures, if the stock runs up, he won't get killed on the May calls he's written because his September calls will gain value. I guess he figures PFE will not gain much in the next month, or will pull back so that he can buy back his May calls for less than he sold them.