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Technology Stocks : EMC How high can it go?
EMC 29.050.0%Sep 15 5:00 PM EST
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To: dennis michael patterson who wrote (4554)2/25/1999 6:58:00 PM
From: SJS  Read Replies (2) of 17183
 
Since it's an IRA account, the calls were original written covered against stock, as it's the only way to do it.

Now, these short calls are matched to new calls bought today, so the stock becomes "unencumbered", and just long. I'm essentially long 2X (1x stock and 1x calls), and short 1x.

I've created a very cheap bull spread, (my trade netted me a situation where my net cost of about $4/call commands a 15 point spread...), and my legging into this spread was timed pretty well, and should work just fine here.
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