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To: Oblomov who wrote (26174)	3/18/1999 10:36:00 PM
From: accountclosed	Read Replies (2) of 86076

From McMillan page 172... A calendar spread, also frequently called a time spread, involves the sale of one option and the simultaneous purchase of a more distant option, both with the same striking price...The neutral philosophy for using calendar spreads is that time will erode the value of the near term option at a faster rate than it will the far-term option. If this happens, the spread will widen and a profit may result at near-term expiration.

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