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To: Sig who wrote (10352)	1/14/2003 9:08:14 AM
From: im a survivor	Read Replies (2) \| Respond to of 13815

<<Dell got whacked by some analyst.But just wait till 2005 and my Leaps mature >> I thought the same thing 3 years ago when I sold several stocks and bought deep in the money leaps of some very quality company....figured they were deep in the money, quality companies and I had "time" on my side....well, let me tell you...first, granted, there is a big differance in the market today then 3 years ago, BUT, TIME is no "friend" of any leap or call....it is it's enemy. I thought the exact same thing you did, when in retrospect I wish I had just kept the stock, rather then selling and buying leaps...I thought time and leverage would be my friend, when it turned out to be a very bad move.......even with market down so much from where it is, does not mean that we dont stagnate or go down to old lows or lower then that....absolutely no telling.....I love DELL, great company....have little doubt about whether they will be here in down the road, but I can't say the same about the leaps or calls....buying stock is already like gambling...buying leaps and calls are a step further...the rewards can be fantastic...if your smart and patient, you can make 100% in a day playing calls.....but the risk is also greater, and the one thing this market has taught me, is to avoid risk if at all possible......I follow calls and leaps, as I used to be very active with them, and like I said, they provide alot of leverage and can make large % gainers in a day or a week.......but it's a risky game. I know you've done well with your call buying and selling recently, and I have toyed with the idea of getting active with it again, but I will stick with a little safer route not knowing if we go higher or fall off a cliff....I've seen alot of calls double and triple in a day....I've also seen them lose 75% so fast, you have no chance to get out...In this unpredictable market, I'll stick with buying quality STOCK when it gets hit, and keep cash available....my stock may go down, or not do anything for a long time, but at least it doesnt expire, go down as time ticks by, is manipulated as much, have such a larger spread % between current bid/ask and go to zero, unless it goes bankrupt.....but good luck....I know so far your calls have treated you nicely....just be careful.....