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To: PAL who wrote (2814)	2/12/2000 8:44:00 AM
From: Poet	Read Replies (3) \| Respond to of 8096

Thanks, PAL. As it turns out I had sold the same JDSU puts (the Mar 200's) at $19 1/2 a few days ago. If I understand ed correctly, the premiums on those puts have dwindled a bit because the implied volatility in JDSU has been deflated over the past few days because it has been trading in a very narrow range (essentially 200 to 206). I had taken the premium I had gotten from the put sale and had bought JDSU Mar 200 calls at $30. I see one of my errors here, or at least a way to have have this trade more elegant: I bought more calls than I'd sold puts. Next time, I'm going to try to keep the balance equal between the put sale and the call buy. Yes, I'd love to hear your thoughts on choosing the month of expiry.. I'd chosen to sell March puts because they seemed to be "juicier" and bought March calls because we were close to Feb expiry and I was concerned about the ramping up of time decay. Am I on the right track?