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To: Poet who wrote (56262)	12/23/1999 7:07:00 PM
From: edamo	Respond to of 152472

poet....re: rolling, rolling, rolling on the delta... nothing really changes when the leap converts to a six month option...sort of morphs slowly and carries the same characteristics...perhaps a symbol change, the main effect is that the time value, especially if it is ditm becomes almost nil....or erodes rapidly... insofar as rolling 2001 to 2002, i assume that you are long the call? if so i would close the position, hopefully with a profit, if you elect not to exercise....see no advantage to rolling on a long option, real advantage is to the seller who is short the position. buyer has finite time, seller has much more latitude and control. buyer must be at strike + prem to profit...seller strike-prem to profit. for buyer it is all or nothing...seller can scrape some crumbs...