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To: Sam Citron who wrote (8531)	3/22/2004 4:22:26 PM
From: BWAC	Read Replies (1) \| Respond to of 13403

OT <It sounds like much of the "stickiness" I referred to earlier may be due to time premium being more of a component of the option's value than its intrinsic value at this stage of its life with 4 months remaining. > Yes. The further you get away from the strike price the less the time premium value. <What is your contingency plan under the two scenarios you have imagined? "KLAC moves up 60 cents to $49.60, but the Put only drops 30 cents to $4.20" Would you unwind both legs there if that happened, or let them both run, or lift one leg? How do you decide?> I could do anything and everything? Did nothing further today. A gap up in the morning might give me a chance to sell the stock and try to buy it lower. I'm looking for an exit around 52 within a week. I 'plan' to also close the Put at that time. But being an idiot, I will out think myself and keep the Put and watch it go to zero as KLAC runs higher. If we continue down, that just is the way it is. I'll at some point have to make a decision to close the 50 Put and move the strike price downward, just close the whole bad position, or close the Put and keep the stock.