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Politics : Ask Michael Burke

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To: wlheatmoon who wrote (31700)	8/27/1998 3:40:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Mike, I don't buy puts on down days, other than rolls. For example, I rolled my Chase 75s to 60s. But I would have not bought the 60s straight today. I think there is a lot more downside to the banks. IMHO, Citi is a $35 stock and Chase a $25 stock. If you buy Leaps, it is not such a concern. But for the shorter puts, I like to get the extra confidence that the herd is still wrong before buying, and that takes a down day. Also, put prices tend to get jacked up on days like this. On a roll it doesn't matter, in fact, it helps. The near term I am selling tends to pick up more pure premium than the longer term I want to buy. But it sure matters on a straight buy. MB

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