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To: bcrafty who wrote (65572)	2/6/2003 10:50:08 PM
From: the-phoenix	Respond to of 209892

From that article: An investor bought a large chunk of January 2005 45 puts and sold an equal number of the January 2005 55 puts... (The fund manager was also actively trading the January 2005 45 put QQQ LEAPS -- another form of option -- Thursday, but not the 55 puts.) Another form of option? What 2005 options are trading now besides LEAPS? Najarian noted that a married put has the same risk/reward as an outright call purchase. Not exactly! In this case, the investor bought QQQ at $25 and a 45 put at probably $20.10, for a total cost of $45.10 The downside risk is therefore $0.10. Anywhere between 0 and 45 he can exercise the put and unload the stock for $45. The upside above $45 is unlimited. The equivalent outright call purchase would be a Jan05 45 for $0.10. So tell me where I can buy LEAP 45 calls for $0.10?