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Strategies & Market Trends : Systems, Strategies and Resources for Trading Futures

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To: TradeOfTheDay who wrote (6519)	10/16/1998 10:07:00 AM
From: Tom Trader	Read Replies (2) of 44573

Morning Bev Here's where I am with the windfall that I came into on the Oct OEX calls. I was long a bunch of the 510s and 520s--I closed out the 510s at a decent profit at 10. I also sold the Oct 510 calls against the 520s at 10--that would leave me with no exposure if it went over 520 though I would lose the 2+ points that I could have sold the 520s for if I had closed them out. But if the OEX settles at the end of the day at anything less than 518, I am ahead -- and if it closes at 510 or below, then I get to keep all of the premium that I got when I sold the calls--and I will have made out like a bandit--and I am talking serious money:) So root for me, will you!! Needless to say that this decision shows my bias that we will close less than 518 and may be a lot less--a combination of the overdone rally yesterday and the impact of options expiration. I am toying around with selling some naked 510 puts ---Oct series--if the market pulls back enough--not sure of this, though --depend on how much premium there is and whether it would be worth taking the risk. So let's see how this works out.

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