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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe)
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To: Joe Waynick who wrote (2097)6/15/2001 9:15:39 PM
From: Howard R. Hansen  Read Replies (2) of 2241
 
sell naked puts (backed by 100% cash on the underlying security,

If a put is backed by 100% cash it is not a naked put. I know you don't agree with this statement but I believe you will find other people who disagree with your definition of a naked put. In the link supplied by LKO The Philadelphia Option Exchange supplied the following definition for an uncovered put. "A put writer is considered to be uncovered if he does not have a corresponding short stock position or has not deposited cash equal to the exercise value of the put." Because of this difference in the definition of the meaning of a naked put I can easily see why Benjamin said you could sell naked puts in an IRA account and a sales rep with Benjamin & Jerold told Mike Buckley he couldn't sell naked puts in an IRA account.

I hope your investigation into the suitability of trusting Benjamin & Jerold with your IRA account is rewarding.
Howard
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