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Strategies & Market Trends : Crash and Burn 2001 -- Ignore unavailable to you. Want to Upgrade?

To: Dale Baker who wrote (88)	7/23/2001 11:41:46 PM
From: mishedlo	Respond to of 207

Dale - My idea on PTEN was actually CALLS for earnings play tonight (hedged with 1/3 puts). I was talked out of this Idea by some others. Just as well as nothing happened. On second look it appears earnings is not tonight but tomorrow night. Gut instinct is calls are a better idea but I probably will not revisit. If I did it would be AUG 15 puts and AUG 17 1/2 calls, hoping for a strong move one way or the other. If you happen to be bearish vs bullish or vice versa then I would do 2-1 in the direction of bias. I am currently short LWIN (but a tiny position). On crap like this it is hard to say when it will break. I have seen true garbage stay high thru some pretty severe market slides and vice versa. If this has a big runup on earnings day then it is probably being setup to get killed. I would suggest sept 30's or 35's. If it gets above or near 35, definatley the 35's. Look at the interesting play someone made on 2004 strike 25's. To get a double that thing has to fall to $5. How is that for a long term bet. 10,000+ leap puts. Note I just noticed these, so my assumption (which could be way off is that these puts were just recently bought). That kind of cash requires conviction. M