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To: John Pitera who wrote (9881)	8/10/2000 12:37:15 AM
From: Ilaine	Read Replies (1) \| Respond to of 436258

if you are long CSCO puts you are short the stock You know this better than I do, so don't take this as a lecture but a question. With puts your downside is limited, with short it isn't, right? So if I bought a CSCO put for $2, my downside is $200, but if I shorted it, I could lose my @$$. So why say they are equivalent?

To: John Pitera who wrote (9881)	8/10/2000 2:08:19 AM
From: IceShark	Read Replies (2) \| Respond to of 436258

a retail investor will normally just unload the options, but the market maker will need to get long CSCO to lock in the profit of the puts. Not if you have half a brain, a half assed broker (as far as commissions and execution), you are running down to the wire and the option buzzards won't give you at least intrinsic. I've crossed more than one trade when I do expiry week quick plays. Can save you a buck a contract, maybe more, in these times of greed and equity prices shooting around by whole points in a matter of 10 seconds. -g- And don't remind me of INTC when things didn't pan out as planned. -g- But the way it, options, works on closing, or opening isn't quite as simple as you are suggesting.

To: John Pitera who wrote (9881)	8/10/2000 7:02:49 AM
From: Monty Lenard	Read Replies (2) \| Respond to of 436258

"that a put position that is covered is done in puts" John, I understand that it does not have to be done that way and I don't believe I said that. But I also understand that it does not mean someone is going to be "FORCED" to start buying the stock to "COVER" the puts as the referenced post suggested. Monty