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To: Jan Crawley who wrote (7637)	6/25/1998 6:32:00 PM
From: Glenn D. Rudolph	Read Replies (1) \| Respond to of 164684

Pretty much covered all my "very expensive" uncovered calls along the way. I have 3 July 70(has $17 premium) left; it is well within my tolerance level, so I think I would just wait and see for now. To be honest, I covered them so I can breath again! I will never repeat my "uncovered call" mistake again! Jan, This was a very unusual run up for any stock. Those that were bearish suffered terribly. I learned for the future, the bear side is not worth the risk. Buying puts in rare instances might be worth it but not often. This exposure to unlimited loss is scary. I wrote uncovered calls as did you. I bought deep in the money puts that are now out of the money. Shorted a lot of stock. I did close my naked calls and some puts at a loss. I still have a lot of other puts and the shares short. I had to place a good part of my networth in this to maintain my position. It is not over yet although I do believe the fall is starting. I have heard that in the past<G> I understand your pain and the feeling of closing naked calls with such a loss. The plus side is the HUI is still above $90 and if we still 10,000 contracts and they expire worthless, we get our losses back. Just kidding, of course. Nice to hear from you again. Glenn