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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 243.12

-0.6%

2:26 PM EST

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To: slipnsip who wrote (9123)	7/7/1998 12:01:00 AM
From: umbro	Read Replies (1) of 164685

David, My main question at the moment.. To unbox at the close Wed or to wait for the open Thurs morning?? You could look at buying enough Jul 140 calls to cover your position (you might need to buy 2x the calls to make up for the delta), and unbox at the close on Wed. You'll lose some on the calls on big gap down, but if there's a big fall, you'll make it up in the decline in stock price. Basically, you're trading a synthetic straddle. By the way, given today's price action in the options, I'd strongly discourage you from buying options at the open. I fully expect them to pump up the vols. again once the options start trading, and let the out again at the close. Keep a careful eye on the implied vols. Looks like the floor traders are ready to catch the unwary coming and going.

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