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Technology Stocks : Lucent Technologies (LU) -- Ignore unavailable to you. Want to Upgrade?

To: Rainy_Day_Woman who wrote (6665)	3/17/1999 1:23:00 AM
From: Egul	Read Replies (2) \| Respond to of 21876

I wrote LUDT Apr 100 Covered calls @8 3/4 to hedge. I'm really nervous about all the correction talk so decided last week to write the calls out 4-5 weeks in anticipation of LU staying flat or at worst sliding down through 100 like it has 3 times in the last 2 months after large runups to the high teens. I'll by back the Calls if I can make 3+ points on a dip, or even do better if the stock tanks badly with the market, or get called out @100 if the stock rises and net the 108.75 then stay on the sidelines waiting for the correction to get back in somewhere below 108.75. I just think the volatility is so high we're bound to see 100 before we see 120. I'd like to stay long but would hate to AGAIN ride this thing down 15 points. Comments on the strategy??