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Strategies & Market Trends : Pump's daily trading recs, emphasis on short selling
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To: Michail Shadkin who started this subject5/24/2001 10:10:53 PM
From: Michail Shadkin  Read Replies (2) of 6873
 
Explanation of selling naked calls on TIVO today:

I could not find any shares to short today.
As an alternative in options, I have 2 choices - buy puts and sell calls.

I sold june 5 calls at 2.88

If by june expiration TIVO is at $5 or less, I get to keep the whole $2.88/share

If by june expiration TIVO is higher than $7.88 , the difference between that price and $7.88 is my loss/share

If by june expiration TIVO is in between $5.00 and $7.88 , my gain will be $2.88 less (expiration price minus $5.00)

I always have the option of buying back these options or buying the stock and have a covered call position.

June options expire June 15.

This is a nice alternative if there are no shares to borrow and you absolutely feel stock is going much lower.

Michail
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