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To: jmac who wrote (28239)8/31/1999 3:31:00 PM
From: JH  Read Replies (3) | Respond to of 93625
 
I definitely recommend NOT to buy puts. Do you know how much you are paying for them?

At-the-money puts like the Sep-100s have a whopping 85% implied volatility - that's why people who write puts make a whopping amount of money, on average.

I'm not implying that the options are mispriced, only that there are far far cheaper ways of protecting your downside. Just sell for cash at predetermined stops!