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Technology Stocks : Vitesse Semiconductor -- Ignore unavailable to you. Want to Upgrade?

To: OldAIMGuy who wrote (2872)	10/7/1999 5:23:00 PM
From: SJS	Read Replies (1) \| Respond to of 4710

Tom, I've got the opinion that it will move up into the earnings release and split,if the market cooperates (which is a big "if" as it looked from today's vantage point). However, I've built a credit bull spread with options in VTSS for this event. I first SOLD the October 100 a few weeks back when it was WAY overextended for 3.75/call. This week, I BOUGHT the October 85 calls for 3.125/call, in the equivalent quantity of calls that I sold. This creates a credit bull spread for a "rare" credit of 5/8 which now commands the spread of 15 points (short strike 100 - long strike 85). I hope it closes at 99 15/16 on expiration day! However, no matter where it closes (even at zero) I still make 5/8 for each contract. Best Regards, Steve