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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: upanddown who wrote (61982)3/12/2000 11:55:00 PM
From: Robert T. Quasius  Read Replies (1) of 95453
 
I am short some XTO puts as well, May 10s and August 7-1/2s. I doubt either will be in-the-money at expiration. When I sold the August 7-1/2 puts, I put the proceeds into August 10 calls, creating a synthetic long position.

I expect to do quite well with this, as the stock was in the mid $7 range at the time, and is now $11-1/2 and headed much higher. I fully expect to see $15+ by August. Of course, if the stock drops below $10 in May or below $7-1/2 in August, I will be happy to increase my long position.

I also created a synthetic long position with TMAR August $7-1/2 puts and calls. With little cash outlay, I sold five August puts and bought eight calls. The larger cap oil service drillers etc. are already running up. In a quarter or two, it will be the turn of the smaller fry, especially boat and similar companies who see higher day rates a little further into a recovery.

TMAR was once a $40+ stock, now selling in the mid $6 range.
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