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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: HF who wrote (5893)12/22/1997 3:33:00 PM
From: SJS  Read Replies (1) of 95453
 
I have done this with GLM, and now own some stock, which is also down from where I got "PUT". I got a couple of freebies by doing this with impunity, and then got it handed to me, so to speak. I also said I "didn't mind" owning the stock, but that was a lot higher, as you can imagine.

You've got to evaluate if the stock is going to go much lower. If you sold 30 strike price GLM puts today, if the stock went to 20 (god forbid), would you buy them back for a loss, or let them be PUT to you?

Exit strategy is important for this type of move. If you truly want to own more of it, then buy it now. Selling deep puts give you very little premium, which is an important part of the put/call position. You're not doing this transaction for nothin, so don't give up your premium.
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