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To: TheWay who wrote (8581)	2/22/1999 8:46:00 PM
From: wade baskin	Read Replies (1) \| Respond to of 27722

if someone wrote covered calls --500 contracts--this means they have 50k shares of navr. i would think anyone owning that much of the company would have much more intimate knowledge of any upcoming surprises than someone like me with a few hundred shares. if they know something negative is coming, why risk the stock going below $13 (the approximate amount of downside insurance writing these calls at $2 a pop would provide them) for a mere $2 appreciation in price from this point. why not just sell the stock now? more likely scenario is someone knows something positive is coming and has bought 500 contracts. but what do i know--i wrote ctxs covered calls when the stock was at 12 and watched it shoot to 45 the next day and then on to 80.