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To: catchingwave who wrote (9543)	3/24/2003 12:53:08 PM
From: Win-Lose-Draw	Respond to of 10157

you're asking the wrong person. whenever i start thinking in terms of "hope" i get out of the position as fast as my broker will let me.

To: catchingwave who wrote (9543)	3/24/2003 12:55:56 PM
From: mishedlo	Read Replies (1) \| Respond to of 10157

It really depends on VIX VXN, time of day and other factors. There is no perfect answer. I got out of some IBM puts today (even) in spite of the fact that IBM was .50 higher than when I bought them. I was hugely underwater on Fiddays close so I immediately sold 1/2 of them on the gap down. I do not like front month options much. I prefer ITM puts as well. In the case of IBM I was OTM but most of the time I prefer to go ITM as well as further out. DEC 88's DJX has been my biggest position. M