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To: rx4pain who wrote (9581)2/14/2001 9:13:43 AM
From: Poet  Respond to of 10876
 
Hi rx,

Re your question on EMC. It sounds like you bought a LEAP call and have been selling calls against it to lower your cost basis. You're thinking of selling calls and buying puts with the premium you've taken in? If so, this is known as a synthetic short of sorts. If you keep the LEAP call, you're essentially creating a spread with a bearish tilt, which, given the way the market's been going, sounds like a good thing.