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Politics : Ask Michael Burke

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To: don ryndak who wrote (32230)	9/4/1998 3:33:00 PM
From: Knighty Tin	Read Replies (1) of 132070

Don, Just happen to have an example of a down and out I did this morning. I sold Jan 110 puts on Citicorp for 24 1/8 and bought Jan 70s of 2000 for 4 3/8. This was a one sixth position. I really wanted to roll the entire third I have left down to Jan 1999 80s or 85s, but those animals are not yet listed. I sold out of the other sixth, leaving me only a 1/6 position. I will buy the other sixth when they give me what I want, assuming cci doesn't go too much lower, like to $25. -g- BTW, I did the swap .6 option for 1 option, as the original sixth cost me 2 1/2 and the new ones are more expensive. The rest of the profit goes into the 90 pct. portion of my 90/10. I don't remember which race that was. I don't follow the biggies as well when live racing is going on at The Sam. MB

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