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To: HG who wrote (4919)	2/24/1999 6:48:00 PM
From: Doug Meetmer	Read Replies (1) \| Respond to of 19700

I left to get a haircut and came back to find that we tanked. Why the hell didn't I sell those covered calls BEFORE I left??!!!! Anyway, If we are reporting earnings on 3/11 then there is too much upside risk to write covered calls at this point. We could rally quite a bit before the earnings come out. How do you calculate the maximal point of pain?

To: HG who wrote (4919)	2/24/1999 7:09:00 PM
From: Ben Antanaitis	Read Replies (1) \| Respond to of 19700

happy_girl, Not quite. The Max-Pain Point™ is the point where the maximum number of open interest contracts in a given month, both calls and puts, expire worthless. Maximum pain for the call buyers would just make all of the calls worthless, but the put buyers might make a mint and stick it to the put writers MM's, hedge funds, brokerage houses, etc). MM's are equal opportunity profiteers, they want the maxmium profit... period. They don't care if a stock goes up or down. ;-)) See the difference? Ben A. ez-pnf.com