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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: E. Davies who wrote (56968)	11/10/1998 9:56:00 AM
From: CJ	Read Replies (1) \| Respond to of 61433

ASND cov'd. calls <you have to admit (no offense) that you did not "sell the call right". It was based on the common sense idea that there was no way the market could just pop right back to where it was.> You are quite amazing, Eric -- I suppose you know why we had blueberry muffins at breakfast, too :) Just so that anyone who is learning about cov'd. calls read your posts, please make no mistake about something: We ALWAYS {well, almost, see below} sell the calls right, or we don't sell them. I will not accuse you of extreme ego :) ; rather, I think you must be neglecting that others may have different objectives than you. In our case, the cov'd. call selling is in our more conservative accts. The objective there is simply 3-4 % per mo. I wanted the market to "pop right back." The reason: The only time I ever had to climb-out of the hole after selling cov'd. calls is - in June '96 [and one other] when we bought ASND @ 60.125, sold calls, and the bottom fell-out of the stock. It took 3 mos. tricky to climb out @ a profit. So, for cov'd. call selling, a sideways or contained range mkt. is exactly what we want, and ASND had done it beautifully. Thanks for clearing-up the confusion on your predictions. Good day.