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Politics : Idea Of The Day
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To: Chuck Molinary who wrote (17063)2/19/1998 4:09:00 PM
From: IQBAL LATIF  Read Replies (1) of 50167
 
I had like INTC 80- 40 naked short puts for Feb like TXN 40 puts PMCS sierra 221/2 TBR 90's- most of the hefty premium had already evaporated so to cover INTC for 1/8th was good thing to free some big margins for play ahead. My decision to cover them at 1036 on SPA was the right thing although I kept my long calls running, just got some hefty margin off my back , I hope it is clear. I like selling puts and buying call so it is double whammy in a down draft which I try to cover by aggressively trading S&P however at these hefty levels I decided to let this naked puts be covered I learnt my lesson with LRCX AMAT debacle back in Oct better to atleast cover naked puts in best of times why to let the position run for 1/8th .The risk reward becomes quite skewed.
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