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To: Noor who wrote (27337)12/1/1998 10:12:00 PM
From: jgercke  Respond to of 36349
 
My point was that the purchase of calls does not necessarily imply a bullish outlook by the purchaser. The hedging effect of being short Dec 12.5 is minimal, so someone in a covered write who was concerned about downside might purchase calls to close in order to sell shares without going naked on the short calls, etc...