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Strategies & Market Trends : Option Trades

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To: Polartee who wrote (22)	12/2/1997 12:08:00 PM
From: Polartee	Read Replies (1) of 2341

Follow-up to my post #22. I just covered my OEX 495 calls at 4.75. I wrote them at a split adjusted 4 5/16 so I'm slightly on the losing end. After yesterday's rally, I think it's prudent to prevent a bigger loss from opening up. S&P 100 is now at 467 vs. 442.5 around the time I wrote the calls. I've been saved from a more substantive loss by the passage of time and erosion of the time premium. The market has changed since I initiated the strategy - the biggest change has been the fall in long term bond yields which is of course one of the market's main drivers. Also, there is such pessimism out there that it's probably all factored into stock prices now so surprises are tending to be positive. You win some, you lose some. John

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