Options Message Board - Msg: 12386006

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Strategies & Market Trends : Options

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To: Jill who wrote (64)	12/26/1999 10:26:00 PM
From: voop	Read Replies (2) of 8096

Hi Jill and Poet You have obviously filled a void with this thread judging by the posts and the heavyweights posting to it. I would like the braintrust to consider how we can effectively and affordably protect our outsized gains on long term holds. Many of us face this with Qualcomm and I have this with other stocks as well. For example, I have held AOL through seven splits and lost two stomach linings went it dropped 90 points or so last spring. Anyway, basis is 48 cents and capital gains do not sit well when I want to hold the stock anyway. If I buy Jan aoomn puts which is 11 points OTM, I will spend about 12-15K which over 12 months adds to some serious coinage. I could sell some calls OTM to pay for the puts and create a fence but I have limited my upside with this bearish position. I would be inclined to buy back the covered calls if the stock was going up as was suggested by Voltaire in a post on the Q thread about a fortnight ago. Curious what ideas the more experienced hands have on this issue. Congratulations and best success on the thread. Voop

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