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To: Lozanov who wrote (29642)	8/19/2000 1:28:15 PM
From: RR	Respond to of 35685

Hi Pankaj: I like to focus on 6 months out. Good question about me churning a position. Short answer is I am churning the 6 month position. Let me explain. If you follow some of my posts you will know that I focus on really a small number of positions. Those positions don't change a whole lot. I don't chase a bunch of different stocks. I pick a select few, learn their movement like the back of my hand, then work them until I need to move on. Take JDSU as an example. I have had the UCQIS Sept calls for months now. I may have 100 contracts on Monday and 100 contracts on Friday at the end of the week. But, in the middle of the week, I may have sold and bought back those 100 contracts during the week, or maybe 50 of them or some other portion of them. I may have been in/out of some of those calls a couple of times during that week. I'll play the 10-15% swings. Take my little ole 10% and run. But, I do it over and over and over again, week after week, month after month. Compounded, the ultimate return is staggering. I usually won't churn my entire position, just a portion of it. The balance I'll just let sit there and appreciate, then take some profit off the table if it turns into a nice return. I am doing the same with my Dec calls and now the Mar calls I've started to accumulate as I rotate out and close the Sept calls. I like to get those 6 months out just to give me some time on them just in case. Some weeks I don't churn the positions. Sometimes I may go 2-3 weeks and do nothing. But, I stay with my same position. In other words, I try to keep it very simple. In fact, my whole style is really simple, just very risky. Good luck. I hope that I answered your question without getting too wordy. RR