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To: adairm who wrote (30771)	8/28/2000 9:37:02 AM
From: Jill	Read Replies (1) \| Respond to of 35685

Becaues I rolled out to exactly cover my previous puts--reducing margin capacity held because I reduced the # of puts. And I don't feel like "losing" the rest of the $ and I don't use margin to buy calls, so what the heck for the moment. As I said, I doubt I'll use the strategy much in future. WHen I look back, the huge amoutn of $ was always made trading calls--ten baggers, sixteen baggers, or even position trading in this vlatile market, double or triple in a matter of days. Puts can't match this for me and make me nervous. I agree its bullish--mildly so, at the very least. But this market turned from wild bull to wild bear in a few days, as we all recall, and I'm gunshy. It's just a bit frustrating that JDSU recovered so well by June that I could've closed out those puts (expired worthless)--and be totally off "margin" via puts.