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Strategies & Market Trends : Options
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To: Jill who wrote (1072)1/13/2000 1:34:00 PM
From: Poet  Read Replies (2) of 8096
 
I think we should be able to let down our hair here, particularly off-hours.

Here's my Options Tale Of Glee:

I like ICGE and have been accumulating it for a number of months. I had bought 10 ICGE Feb calls and found out last weekend through Vendit that that the lockup period was ending and the market would be flooded with shares over the next few months. Monday morning I dumped my shares and calls when ICGE was 169.

I turned around and bought 5 puts, sold them on Tuesday when ICGE was in the mid 150's. I watched ICGE deflate all the way down to the 130's yesterday, kicking myself that I sold the puts too soon.

This morning I checked my account and found I was short 15 ICGE calls. I had sold them twice by mistake! I corrected my error (with great glee) and pocketed a $28k profit. Unbelievable.
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