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To: yard_man who wrote (261517)	9/23/2003 2:58:38 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

Bought back the IBM I sold yesterday, very tight stops on this one.... Remember, nobody ever got fired for buying IBM!<VBG>

To: yard_man who wrote (261517)	9/23/2003 3:07:27 PM
From: Tommaso	Read Replies (1) \| Respond to of 436258

The difference is that with the QQQ puts I can focus on a group that I think is the most overvalued. If I could buy the Profunds OTC Ultrashort in my Quick and Reilly IRA, I would probably do that in place of BEARX. The BEARX gold component has worked out pretty well over the lat two years, however. With the puts you can also choose more exact levels of risk. For example, the WD-MU 22s of 2006 are the most likely to expire worthless and are therefore a lot riskier than BEARX. But should QQQ drop to 17 over the next two years, you would have a four-bagger, where BEARX would probably no more than double. With YWZ-MS, the 45s of 2006, you would get more than a double in the same circumstances and would recover a lot of capital with a lesser drop in QQQ. It might be smarter just to put that money also into BEARX or send it directly to the Profund folks, but I admit to enjoying the (sometimes expensive) pleasure of directing things myself. Incidentally, of my total short position, about 85% is in fact BEARX and the other 15% the QQQ puts.