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Strategies & Market Trends : Roger's 1998 Short Picks
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To: telebob who wrote (18506)12/16/1999 4:15:00 AM
From: Dale Baker  Read Replies (1) of 18691
 
I view it as a nicely leveraged box. If ZIXI explodes, then I am covered pretty much point for point near and above the call strike price. Since ZIXI is falling now, I will lose the $2 I paid for the call but I am not boxed exactly, i.e. I get my gains on the downside for the short while my call stops losing value at zero. I can gain 10-15 points on my short for a 2-point loss in the call.

A put would simply lose value if ZIXI goes to 100 and not provide the boxing protection.
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