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Technology Stocks : Gemstar Intl (GMST)
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To: Uncle Frank who wrote (1314)12/31/1999 7:47:00 AM
From: RocketMan  Read Replies (1) of 6516
 
UF, I know you like leaps (what a deal we got on Q!), but since there are no leaps on GMST, I did what I think is the next best thing: I bought some slightly ITM May 60 calls (GSTEL) at 15 and change and have already made 10%. They move close to 1 for 1 with the stock price. If this stock starts exhibiting gorilla qualities in the next few months, these calls will fly with the stock, and the leverage will be very nice. If it doesn't take off that soon, you can roll the calls to a later month. You can get some August calls at a slightly higher time premium. I plan to re-evaluate these calls by mid-Feb, we'll see where the stock is then. And if the Naz corrects by then, which is a distinct possibility, the calls have a limited downside as compared with the common. Just a thought for you, in turn for your most excellent tip on Q leaps (a Q tip?).

Happy New Year!
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