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To: RoseCampion who wrote (56533)	12/23/1999 8:17:00 PM
From: edamo	Read Replies (1) \| Respond to of 152472

rose..re: leaps.... verbose but accurate.... i'll repeat what i said to the fly girl... long call(leap or short term)=long common only thing you can do with the position once you buy it is to sell it. (unless you exercise, then it becomes common and the above applies!) uncle franks analogy to trading in an old car on new was a bit amusing...he forgets the immediate depreciation when you take the new car off the lot...swapping a lesser depreciating asset for a higher depreciating asset, and paying to do so is not prudent. brokers and traders, as do car salesmen love it! buy the ferrari...it's more fun.... the sell side is the only position where rolling is advantageous... e.g....sold some cmgi jan100 calls....stock rockets, i can give it up in jan with a 100% profit...i rolled forward to 02100, single transaction got a fixed 26 point spread...worse case i collect 12.5% per annum to hold...best case it continues so deep it gets called in a few months..or as it deepens the prem to buy back gets about neutral, i close with a bit more then in jan.(side comment to pal....close today, gives me added 4% from when the position was rolled)

To: RoseCampion who wrote (56533)	12/23/1999 8:23:00 PM
From: Neal davidson	Respond to of 152472

<<I'm not singly out any particular poster here, because I don't even remember who's all been contributing to the discussion. But I'm seeing confusion at best, and misinformation at worst.>> Very delicately put. And so very true. Lot's of posts were simply making me shake my head. Thanks for the options 101 seminar.

To: RoseCampion who wrote (56533)	12/23/1999 11:33:00 PM
From: Jeffry K. Smith	Respond to of 152472

OT Rose, that was a fantastic post. Stochastics, deltas, etc. still have no meaning to me, but I hope when I get to the point where I "just have to know what in the world they mean " you are still hanging around SI. Regards, Jeff Smith

To: RoseCampion who wrote (56533)	12/23/1999 11:59:00 PM
From: YlangYlangBreeze	Read Replies (1) \| Respond to of 152472

Excellent post Rose. Thank you taking time to spell it out in detail for those of us who are currently option impaired, but studying. I especially like calculating what portion of present equity is time value. That wouldn't be too hard to work into a spread sheet. Thank you

To: RoseCampion who wrote (56533)	12/24/1999 12:42:00 AM
From: Uncle Frank	Respond to of 152472

Rosa, that was a great lesson in options logic. Thanks for sharing your expertise. unc

To: RoseCampion who wrote (56533)	12/24/1999 12:51:00 PM
From: PAL	Respond to of 152472

Hi Rose: My hats off to you. That was an awesome post. No one, and I repeat no one, can present a complex subject in an easy to understand manner. I am sure that guy whose keyboard does not have a Shift Key edamo (ed ... do you need a new keyboard - LOL) agrees with me. Everyone benefits from your deep knowledge in field, and there is always something new that we learn from you. Appreciatively, Paul NOTE TO ALL: MERRY CHRISTMAS TO ALL> HAVE A JOLLY ONE AND REMEMBER TOM's (VOLTAIRE) ADVICE : remember the less fortunate, there is joy in sharing our blessings