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To: dennis michael patterson who wrote (13391)	7/29/1998 6:32:00 PM
From: Robert Graham	Read Replies (2) \| Respond to of 42787

I think Kona may be referring to the inherent risk involved with naked CALLs. If you believe the market is still biased downward with more losses in the future, as I do, then I think the purchase of PUTs would be the way to go. There is so many ways to play the market, I have never found it necissary to take on the added risk of using uncovered CALLs. But what is risky to me may not be to you who may be a more risk tolerant person. This is definitely an individual choice. But many do feel that the risk with naked CALLs is not worth taking on in a trade. I think this is where Kona is coming from. Bob Graham