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Strategies & Market Trends : Options
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To: Poet who wrote (841)1/9/2000 8:13:00 AM
From: Jill  Read Replies (1) of 8096
 
Some interesting plays last week from Option Investor newsletter, which reflect talk on this thread:

Lucent:

LU Jan-2002-45 leaps
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optioninvestor.com

What can I say? Lucent onsale at -25% off, I could not resist.
I bought the Jan-2002 45 calls at a bargain price. Does anybody not expect Lucent to be over $100 again next year and maybe $150 the next year. I bought these in my long term account and I will write covered calls against them until they are paid for. Whenever a good company takes an undeserved hit you should always take advantage of it. 170 million shares changed hands on Friday. You could not sell 170 million shares and have the price go up unless quite a few people thought is was a bargain.
Does anyone else on the thread write covered calls against leaps to reduce cost basis? We've talked about selling puts in order to do that.

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