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Strategies & Market Trends : Zeev's Turnips - No Politics -- Ignore unavailable to you. Want to Upgrade?

To: LTK007 who wrote (40325)	3/13/2002 3:40:23 PM
From: Jim@Inland	Respond to of 99280

Thanks to everyone who commented on CMVT. Heres what I did: Firstly I Sold the April 15 calls against my long position. I got average 95 cents for them. I also sold April 12 1/2 calls. I got 1.60 for them. Now I have sold twice as many calls as I am long the stock so, if the stock closes above 12.50 I'll be called and I'll lose about 95 cents. If the stock closes the third friday in April at less than 12.50, I'll have lowered my cost base on CMVT to 13.45. I could live with that even if the stock trades at 10.00. :( I'm just trying to make a better situation out of something that looks awful. However I will be short the stock if it closes above 15.00 by the third friday in April. I guess I should have been short in the first place. Thanks again to all who commented. Jim