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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: DaveMG who wrote (48279)	11/7/1999 9:01:00 AM
From: marginmike	Read Replies (3) \| Respond to of 152472

This thread has turned into a complete joke. Dave I agree with you, I am still laughing about the MM wouldnt allow the 10,500 level to be broken. Right before we plumeted to 9983. The body of inteligent posters do not post here anymore, they have been chased away by Oliver Stone protege's and chearleaders.

To: DaveMG who wrote (48279)	11/7/1999 10:00:00 AM
From: Voltaire	Read Replies (5) \| Respond to of 152472

Apologies to Mile High in advance, he will understand! You Sir, are obviously another gambler with their 20/20 hindsight. It is a fool in this market that does not protect his and other people's money. Just ask the MSFT & IBM share holders tomorrow. You need to go to Vegas and put it all on Black or Red. Not only did I do it and don't regret it but will do it again next earnings as well. 1. had 10,000 shares before earnings 2. decided, not knowing what the reaction would be to earnings that I would cover half my position. 3. Wrote 50 contracts - Nov. 220's and received $1,900 per contract or $95,000. 4. Everyone knows that right after earnings came out the stock dropped about $9.00 per share ( vindicating my strategy)and would probably have dropped to about $200 level were I could have picked up another $95,000 worth of a quality stock. 5. stock SKY-ROCKETS on split announcement and zooms to $295 per sh. 6. I buy my calls back at the open the next morning for $29.00 or $2,900 per contract or $145,000. 7. In the meantime, because I did not sell my shares, I prevented a short term capital gain, and now I have a short term capital loss of $50,000 to off set my short term capital gain on the premium I received. 8. In the meantime the shares that I covered and did not sell have risen in value to the tune of $70.00 per share or $350,000. Summary for the ignorant! value of my account at time of STUPID COVERING BEFORE EARNINGS! 10,000 x $225 = $2,225,000 Credit from sale of calls 95,000 Debit from buy back -145,000 credit from increase in share price 700,000 account value today $2,950,000 * not to mention I now have a short term capital loss of $50,000 and unlike you I was covered and had the opportunity to buy more shares with the House's money. Also does not include options purchased which have skyrocketed. Now where is the man that said you are limited to the strike price when you write covered calls? Like I said only if you are called away and until expiration that will probably not occur 98% of the time. You should not comment on things that are above you or that you do not understand. You sound like the type that would gamble your Grandmother's savings in Vegas. I have a responsibility to protect other people's assets. Now go back to your sand box while i enjoy the fruits of my stupid labors. from the porch, Voltaire