America On-Line: will it survive ...? Message Board

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Technology Stocks : America On-Line: will it survive ...?

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To: paulfinkelstein who wrote (3628)	6/26/1997 8:53:00 PM
From: James F. Hopkins	of 13594

Hi Paul; cograts on your puts today. I'm in some way out of the money Jan98 25s..they cheap..and it's a home run type position, I think I see a big crash by then..if I'm wrong I lose them, been thinking of adding some a little more up. I'v seen time value, volitility models , and such..and gave up on all that, as it never holds true from one option to the next. The writer of the options does so to make money..but "most" option trades were there is a lot of OI ( open interest ) dont go from the writer to the buyer..they go from one buyer who sells to another who is buying. The writers don't buy back most options, other option buyers do. There is a supply/demand side to each option, that changes a lot with the "open interest" in the particular one. I found it useful to get the OI..then chart the option and get a feel for the "average price paid"..you often get more action if you find a set were some older buyers paid a lot higher price. I still have half my 50s..if she does continue to dive..they will pay really good..as there are a ton of them out at 3 and 4 dollars and they will take mine at 2 in a heartbeat to average down, if we get one more day like today. :-) I had to many not to sell half, when she tried to kick back. If she don't go on ticking down in the morn then I'l dump the other half. The way that kick came in today..it looked like a short covering, but it didn't last to long, and he may go short again tomorrow, you can't tell till it happens. Jim

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