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To: Chuzzlewit who wrote (72736)	10/17/1998 9:35:00 AM
From: Geoff Nunn	Read Replies (1) \| Respond to of 176387

Chuz, thanks for the information. Thanks for having just spared me the trouble of spinning my wheels doing needless further "experimentation" to out what we already know. Collectively, I think we already possess enough knowledge about this market we can now safely apply the duck test. So, the interesting question now is, do we bite the bullet and pay the MMs bid price in order to write covered calls. I personally think a case can be made for it. If one has a portfolio dominated by one or a few stocks, and he/she is looking for a way to hedge, covered calls may be the answer. It sounds like you've come to the same conclusion. Covered calls would seem to look all the more appealing at the moment because the premia are unusually high. (The WSJ had a piece on this last Wed. BTW). Even so, I find it pretty galling to have to give up to the MM 3/8 pt on a 12 1/8-7/8 security. Geoff