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To: mepci who wrote (163502)	1/1/2001 10:11:21 PM
From: hlsjones	Respond to of 176388

mepci Nope - you just watch for the right day and roll them out. On Wave the time to buy back the original puts was when the stock was up in the 40s. The 15P was no bid by 1/16 ask. However... I'm back in the position. In the original sell back in Nov99 worst case was you will be left with double the stock at about $9 if you let the calls expire and take the stock on the PUT. Worst case did not happen. The stock was way above 15 our $9 position. I stayed in the position and rolled it out. Now even if let the position run to May and get the stock I'll have double the shares at about $3.50 net.(remember when I rolled the positions I picked up more preimum) I have no problem with owing this stock at that price. I can continue to write CCs (read generate cash) and wait for the stock to recover. But remember I don't need to take the stock from the PUTs. I can roll them out if the stock needs more time to recover. The benefit here is that when I roll it out I take in more cash - lower my basis some more. This just keeps going till my real basis is $0 or minus. So unless the company goes out of business before I go negative I make money. I don't suggest you "bet the farm" on this type of play, just paper trade it or do it with a couple of hundred shares to get a feel for it. The six months of time you pre-sell on this deal is what makes it. It's a bullish strat, for sure. Do you think NASDAQ will recover nicely in the next 6 months to a year? I think that's a no brainer. HJ