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To: waverider who wrote (2664)	9/8/1998 2:34:00 PM
From: SJS	Read Replies (1) \| Respond to of 14427

Short a call? Does that mean you think the stock will go down? Calls by definition are derivatives that appreciate when the stock goes up. So if you you think the call will go down, that means you think the stock will go down. In that case: 1) Buy a put on the underlying stock. 2) Sell naked calls on the underlying stock.

To: waverider who wrote (2664)	9/8/1998 2:40:00 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 14427

How do you short a call? Sell calls to open. If you are long the stock, you are selling "covered call". If you are not long the stock, you are "shorting naked". My calls are kinda covered, in that I am long the 32.5 calls. So if the stock runs away, my loss is severely limited. Mike PS - are you shorting drillers based on charts? I would not short unless you are super nimble (I know that I am not shorting them!!). If some nut case starts a war, you are screwed. If these stocks are going to finally base, your gains will be limited. Just my humble opinion. PSS Cracks me up that motor-mouth got put in web-jail again!