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To: hivemind who wrote (735)	7/25/2000 4:08:27 PM
From: Clappy	Read Replies (1) \| Respond to of 1115

Hivemind, Thanks again. I see I wasn't reading your original post very clearly this morning. I had thought you meant you were buying puts and buying calls at the same time. Duh... 1) So the advantage of selling the puts is that you get to use the money from it to buy the calls. Correct? 2) Now is this sort of like getting an interest free loan or margin? 3) From the puts you get $26 per contract. From this money you bought the calls at $40.50 per contract. Then you had to buy the rest of the calls with you own money. Why didn't you simply sell and buy equal dollar amounts of puts/calls? If you sold 13 puts you could have bought 8 calls for the same money and had an additional 100 shares. It there an advantage to having a 1:1 contract ratio? I guess you are safer if the puts get assigned? Thanks for your help. -John