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To: victorw who wrote (63701)	4/3/2000 4:32:00 PM
From: upanddown	Read Replies (1) \| Respond to of 95453

Victor, JimL Have you guys ever thought about creating synthetic long stock positions by selling puts and buying calls, same month, same strike? The PGO Aug 17 1/2 is a good example since it is virtually at-the-money. The put sale finances most of the call purchase. You create the identical profit/loss scenario to buying long stock but with very little investment. You lose a point for every point PGO is under 17 1/2 at expiration and gain a point for every point it finishes above 17 1/2 at expiration. If PGO really surges, you can always leg out of the call and let the puts die a slow death. More than one way to play this stuff. John