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Strategies & Market Trends : Booms, Busts, and Recoveries
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To: TobagoJack who wrote (38088)9/10/2003 4:12:53 PM
From: rolatzi  Read Replies (1) of 74559
 
Jay, we use the same strategy but I use shorter dated options. I'm short on NEM September 40 covered calls and short NEM October 35 puts. As you may recall, I prefer the steep loss of time premium that occurs in the last month of the option life. It has been difficult for me to not close my calls as I my basis on the underlying stock is less than 20 and I don't really want to take a capital gain on them this year. I need to keep my income down to get a little help on college tuition. I keep going from profit to loss to profit on these options but will cover them if the shares are going to be taken away from me.

I looks to me like the market is turning over and the gold shares will move down along with the non profitable nasdaq shares. I tried to buy some puts on AMZN shortly before the close today but the specialist kept walking the price up with absolutely no movement on the underlying shares. the last sale had been 5.7. and the spread was 5.7-5.9 so I bid 5.8. The bid/ask promptly went up to 5.8-6.0. After a few minutes I replaced the bid with 5.8 and the bid/ask promptly went to 5.9-6.1. I will try again tomorrow. I was looking at puts on HHH which has AMZN and EBAY on it but there was virtually no volume on them today.

RO
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