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To: ItsAllCyclical who wrote (64622)	4/15/2000 4:13:00 AM
From: upanddown	Respond to of 95453

PGO Aug 15's are still $3...Damn. Probably a good price, but not a steal Jim why not finance the calls by selling PGO Aug 17.5 puts? Breakeven approx 16.25. Close to a wash including commissions and you get all the call upside (plus of course the potential downside of the put) though I think downside here is minimal. A more conservative approach with limited profit would be to just sell the puts with a breakeven approx $14. I'am short 30 Aug 17.5 and I'll probably just stick with that. PGO put prices are more attractive than the call prices according to Black-Scholes. John