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Politics : Idea Of The Day

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To: Mark who wrote (15149)	11/26/1997 4:18:00 PM
From: Greg Jung	Read Replies (1) of 50167

Re: IBM << I went ahead and sold DEC110 against my Jan110 long calls >> into this rally, yeah that's better. << If things continue to look rosy, I'll look to buy them back (DEC) on a dip, perhaps after TG if it brings the dip you suggest.>> No guarantees, of course - it may also be related to low volume, i.e. lack of day-trading and institutional action. If the public investors were more accustomed to shorting first then it could be the opposite, maybe. Buying puts is not just insurance but consistent with your outlook of IBM not moving very much - it will still have a wide trading range, 105 looks like a sort of average level but nothing keeps it from 90 or from 110 - it is still perched well above its level from May/June, where many stocks in other sectors have retreated. Puts do require more attention, I suppose, because the downtime for IBM price has been brief. Greg

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