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To: dwayanu who wrote (3696)	7/19/2000 1:32:48 PM
From: Uncle Frank	Read Replies (4) \| Respond to of 10934

>> Ummm, sell NTAP now (more or less :-), wait a week or two for the LEAPs enthusiasm to wear off, and replace the stock with LEAPs ? That's assuming you can "time" ntap correctly, which is a 50/50 proposition. Actually, unless you're in a tax sheltered account, the odds are against you. But if you read Roth's definitive book on LEAPS, he outlines a strategy called LEAPS Substitution Therapy, which doesn't rely on timing. If you want to protect a profitable position but are still bullish on the stock's future, you can sell the common and replace it with an equal number of shares of in-the-money LEAPS. This maintains your earnings power, but harvests about 60% of your investment as pre-tax cash. Roth's book is definitely worth a read imho. uf