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Technology Stocks : Intel Corporation (INTC)
INTC 49.25+0.9%3:59 PM EST
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To: W. Clinton Terry who wrote (26910)7/17/1997 3:03:00 PM
From: Ibexx   of 186894
 
Hi W. Clinton,

=Off Topic=

First, shorting against the box is not only for tax deferral--that is the way most people perceive it, I know.

Usually, "shorting against the box" on options calls is immensely easier than shorting the calls, naked, as you may or may not be able to borrow the calls to short.

But, the main thing in my hedge play is that YOU DON'T NEED TO SHORT AGAINST THE BOX; YOU COULD JUST SELL THE CALLS, PERIOD. Of course you'd have to have a position in order to do this.

For me, I buy LEAPS calls for all my high-quality long positions at an intermediate low--I hope I can time it right--and unload at intermdiate high. I feel it is an alternative way to take advantage of the market volatility, if not a better one than some of better known ones.

Ibexx

PS: there are some other subtle advantages of using short-against-the-box approach to straight selling, at least in my case. But it would be too involved to discuss the details in this forum.
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