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Non-Tech : Invest / LTD
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To: Lucretius who wrote (4087)10/12/1998 12:30:00 PM
From: Alias Shrugged  Read Replies (1) of 14427
 
LT

Thanks for your thoughts on ABX puts/calls. Oh, and very big thanks for the call you made on Utils.

Well, here's what I did today on ABX. Held on to my Jan 20 and 30 calls. This is my long term long position; I will benefit greatly if ABX soars.

Held onto Nov 20 Puts and bought Nov 15 puts! Then bought Nov 17.5 and Nov 25 calls.

* * * * * * * * * *

With the long term position in place and doing well with ABX at 22, I spent 1-1/16 for Nov 20 puts. This was done part as hedge and part to create an opportunity. With ABX at 20 now, the put is only worth 1-1/2 to 1-3/4. I could take the profit or load up in the other direction with calls. Finally, I created an exit point for the 20 puts. If ABX were to get smacked to 15, I sell the 20s and let the 15s hedge.

Mike
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