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Strategies & Market Trends : Waiting for the big Kahuna

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To: MythMan who wrote (16342)	4/14/1998 1:45:00 PM
From: James F. Hopkins	Read Replies (3) of 94695

Pete; Just checked XCIT, no puts worth a darn...took May 65 calls at 14-5/8 then went short at 78-3/8..calls cover rear on the upside at 79-5/8 ..premium =( 1 1/4 ) sold may 65 puts for $2 ...got a lay up of 3/4 pt to the good, which will cover commissions ..if she gets put to me that will close my short at 65 = 13 3/8 and then sell the calls back hopefully and likely for 4 or 5 ... ---------------------------- Had she had any puts at 80 I may have went for them.. I've hit xcit 2 times running now. Both for fast hits with this I must cover short before closing the calls as I never short naked , or use buy stops. ------------------------------ If she does go on up my calls can close the short at 79-5/8 no matter how high she goes..& the puts pay for the spread and commissions..my gain on the down side is limited but there is zero risk.. There is more than one way to skin a cat . Jim

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