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Strategies & Market Trends : Options
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To: Jill who wrote (6870)4/24/2000 9:01:00 AM
From: Adam S  Read Replies (4) of 8096
 
I'm looking for help with an options strategy. I've never traded options before, so please bare with me.

Here's what I'm looking to do:

I am very bullish on GMST long term. However, I am currently significantly underwater on my GMST position.

Meanwhile, I have great capital gains from selling other winners, and I'd like to sell my GMST to help offset my gains from a tax perspective.

I want to buy back GMST in 30 days after the wash-sale rules would expire.

Now, here's my question:

I want to be able to hedge against GMST taking off in the next 30 days. I would be very upset with myself if GMST rose 15 or 20 points in that time. How can I buy calls to offset this risk? I willing to risk letting the option expire worthless, as long as that loss is less than not selling my GMST to begin with from a Tax Capital Gains perspective. (offsetting my winners with my GMST loser.)

Thanks for your help!

Adam
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