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Technology Stocks : America On-Line: will it survive ...?
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To: Sam Citron who wrote (1740)2/14/1997 4:04:00 PM
From: Joel Sternberg   of 13594
 
To ALL:

I took a deeper plunge today. I've claimed all along that I really wanted to short the stock, but could not borrow any shares. So, I went for the high strike, short maturity puts. Made some money, but they expire next week. Today I sold July 50 calls. For those who don't know, a synthetic short position is created by buying a put and selling a call of the same maturity and strike price. However, I'm improvising by going out further on my calls then my puts. However, I imagine that by the time my puts are expiring I will consider rolling into July puts as well. In general, the bad part of doing sythetic shorts you have to pay two bid/ask spreads for the calls and puts, and 2+ commissions.
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