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To: Jill who wrote (1200)	1/22/2000 12:39:00 AM
From: Steve Hufnagle	Respond to of 8096

LEAPS is a really good book, but it was written before the market became this volatile, and before stocks had these kind of manic runups. Are you saying that there is actually greater potential for a Leap investor to profit than the author indicates? Steve H.

To: Jill who wrote (1200)	1/22/2000 9:43:00 AM
From: RocketMan	Read Replies (2) \| Respond to of 8096

Jill, I agree, it seems to me that the pricing model for leaps, and the examples given by roth, are too conservative for this market. My qcom leaps were dim within a week after I bought them. Granted, qcom is a unique case, but I have other leaps that are also itm now weeks after I bought them. So what does this say? That leaps can make a lot more profit than one thinks in a volatile market like this. Sure they can also go down just as quickly, but with the time factor and the volatility, the good companies will always bounce back, and it is a matter of time before you can be in the money. I think this also means that leaps are priced cheaply in time premium over near term calls and puts. But let's not tell the MMs that :-) BTW, the longer term calls work almost the same as leaps for this volatile market. My August 00 gmst calls, which were down around 30% a week after I bought them, for no reason, are now itm and up around 60%. What crazy volatility.