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To: Zardoz who wrote (20620)	10/5/1998 1:15:00 AM
From: Investor-ex!	Respond to of 116764

Hutch, I've sold calls against lots of long positions. Never was I bearish on the underlying -- always neutral to bullish. The expiration and strike of the options sold indicated how bullish I was. If I were bearish, I'd sell the position. If I didn't want to sell, I'd hedge with puts; however, this is not without cost. Selling covered calls against a bearish outlook is a defective strategy. If the market gaps down on open or moves too quickly to cover and rewrite, you're toast. Have a nice trade, Hutch!