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To: Robert who wrote (42267)	1/15/1999 2:53:00 PM
From: John Graybill	Read Replies (2) \| Respond to of 53903

Oops, sorry about that, I should have said "covered calls" somewhere in that post. There are two ways to play downside in option trading -- you can either buy Feb 65 puts or sell Feb 65 calls. If you own the stock, selling calls on it is a way to pocket some cash, and time decay works for you instead of against you. You'd pocket nine bucks selling a Feb 65 call today, and if it stays right at 70 for the whole month, you buy it back for only five bucks. Abra cadbra, you still have four bucks in your pocket. Somebody buying a 65 put needs MU to move down and move down pretty quickly before he starts showing a loss due to time decay alone.