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

To: Jill who wrote (915)	1/10/2000 6:34:00 PM
From: James C. Mc Gowan	Read Replies (1) \| Respond to of 8096

Hi Jill: just read your post on GandK thread about January QCOM options; here's what I did today, FWIW. Had 16 contracts of Jan 107.5, bought ridiculously cheap, courtesy of Voltaire; sold 5 calls today at 50.5, stashed the cash in my trading account, holding the remaining 11 calls. Plan to exercise at least 4 calls, but won't make a decision on this until closer to expiry. Awaiting news or a pre-earnings run up. May look at some puts buy to open to cover expected additional volatility btw now and next week; gut feeling we may see another NDX dip before expiry, but recovering into the close. If my 11 get up toward 60, I'll sell some more(this would be Q about 170/sh). Moral to story: should not have been so greedy this past Monday when calls hit high at 85 interday! Good luck, James Edit/P.S.: called my SSB broker today; informed him of rule change on margin for Leaps; said this was definitely not the case; he called back later, said I was correct, but just the same, SSB is very conservative and would never allow margin on options; "think of the consequences in a major market selloff", he said. This is the guy I had to practically strangle to buy some Q leaps on last weeks selldown at Q 140/sh; Also my Watley people said no way. Somebody has to go first, I guess, and the rest will follow.