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Strategies & Market Trends : Options -- Ignore unavailable to you. Want to Upgrade?

To: Jill who wrote (365)	12/29/1999 5:30:00 PM
From: Bruce Ravelson	Respond to of 8096

Thank you Jill and everyone on this thread. Let me share a story that may illustrate why I need help. In October, 1998, another threadster volunteered to share what he knew about options. I had been watching Dell at the time and listened to how people were making $, but had no idea. This person (who shall remain unnamed)has stayed in contact through PM's to take me from a low 5 figure portfolio to well into 6 digits. I read about the experience so many people have had in the market and to tell the truth, these heights are giving me a nosebleed. Nobody I know...accountant, father-in-law <g>, other investors, have any idea how to handle options, timing, etc. I'll keep reading and try to figure out some kind of a plan to protect what I have. The only Jan. call I have (140)I plan on exercsing, so I can wait on that until close to expiration. Even if Q pulls back dramatically, I'll be way ahead. The others are out to April or 01 LEAPS. I appreciate having a place to write out these thoughts. Thanks for listening.

To: Jill who wrote (365)	12/29/1999 8:54:00 PM
From: RocketMan	Read Replies (1) \| Respond to of 8096

Jill, and others, any ideas on strategies for protecting gains in the near term, for someone with a long time horizon on Q. Clearly, just walking away from the computer and waiting out the corrections is the best strategy, but since not many of us are that stoic, how about active strategies. Selling calls is good, but limits your upside, and if you get called, the tax man comes in, right? Buying puts seems like a good thing to do, but what is the best strike price and month? I am thinking of selling my common and using the proceeds to buy leap calls and April puts, any ideas?