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To: John Graybill who wrote (47294)	7/27/1999 10:02:00 PM
From: Land_Lubber	Read Replies (2) \| Respond to of 53903

What options do you like? After Tuesday's action, I'm now looking to buy MUTKs for $1 or so if I can, otherwise I'll settle for MUTJs for whatever I can get. If possible, I want to buy them while a downtrend is in progress. If the downtrend then reverses at some point (presumably temporarily) I would try to sell the next lower August strike from what I have to make a spread. Later I would buy back the short leg when the downtrend resumes. You previously taught me this tactic but I have never yet done it. I really like the sounds of it. My calculations indicate that the potential for return is greater this way than the "calendar spread" you mentioned using Oct+Aug, but of course there is a greater risk that Aug will expire with my long puts out of the money. Comments? Land_Lubber