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To: Thean who wrote (2459)	9/2/1998 9:41:00 PM
From: drsvelte	Respond to of 14427

Thean: Haven't posted in a bit, but am short ZONA, NKE, SCTR (long term) and LCOS, XCIT, DCLK, and COF. Capital One (COF) is another credit card financial. They have had an incredible run up over the last year (I was long at one time but missed the big move up) :( 207.95.154.130 If the economy sours, they will be hurt. However, right now I am the one hurt on the short as I entered before the big meltup on Tuesday (Slider can you read that?). I am just playing this market mo-mo now, with hope that we can settle in a month or so and get back to more rationale analysis.

To: Thean who wrote (2459)	9/2/1998 10:00:00 PM
From: Alias Shrugged	Read Replies (2) \| Respond to of 14427

Thean - Long winded?? Well, I can't argue with that <G> I don't "own" the stock, meaning I am not long stock trying to protect with puts. I am long puts and when they start to appreciate significantly, I sometimes want to hedge to preserve their value. I constantly re-evaluate my positions, asking, "what is the worst that could happen?" (Because, many times, the Worst has happened <G> and I was unprepared). Let's say you had my put position - the 60s are about $2.50 and the 55s are around $1. How would you protect and take profits? Shorting at the money calls is high risk/low reward in this current market environment, IMO. Unfortunately, many folks who have been doing buy-writes have probably gotten killed the last 3-4 months. Maybe doing sell-writes (short stock and sell puts) will be a profitable strategy once we drop another 1,000 Dow points. Re: Continued Volatility - I agree. Re: Stop Orders for Options, I will have to look into that. I live outside of Medina, 30 miles south of Cleveland. I appreciate and enjoy your posts (espcially when you rib LT - a guy who definitely deserves it). Mike