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Biotech / Medical : VD's Model Portfolio & Discussion Thread

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To: Cytokine1 who wrote (5243)	6/29/1998 10:27:00 PM
From: Russian Bear	Read Replies (3) of 9719

Cytokine, Re: the calls, here is a useful link that you can use it to obtain 20-minute-delayed options quotes: cboe.pcquote.com Auguron July 35 Calls have the symbol GQAGG. They last traded at 15/16, and the closing bid/ask was 11/16 X 7/8. Because the model is long 10 contracts, the position is valued at one thousand times the relevant quote (I would use the last bid, but you may chose to go with the last trade to maintain symmetry with the model's equity positions, despite the relatively greater percentage distortion.) Thus, at the last trade, the model's GQAGG position has a value of $937.50. At the last bid, its value is only $687.50. Either way, you will need to be careful to exclude this sum from marginable assets. Long options must be paid for in cash 100%, and can never be used to support margin debt. I hope this helps, if only a little. RB

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