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Strategies & Market Trends : Bonds, Currencies, Commodities and Index Futures

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To: Raymond Duray who wrote (333)	11/30/2000 7:51:10 AM
From: Patrick Slevin	Read Replies (1) of 12411

I dunno, I see a lot of unhappy people around. Particularly the guys who started dabbling in this stuff recently. I know one fellow who was doing buy writes? Where he would buy the stock and sell the calls for the high percentage gain? So I suggested that might not be a good idea in a down market, but he insisted so my suggestion was that if he did not care if the stock was taken away then why not just write the puts and forget about buying the stock. Guy actually started buying the stock, writing the calls, AND writing the puts. Then a second and a third guy started doing it....who knows how many altogether. Well, the upshot was that the first guy has just had a streak where he lost $450,000 and the second about $400,000. Last night the one who dropped $400K was complaining about every damn stock that came across the Bloomberg ticker. Negative Ion level indeed. This guy was not pleased.

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