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To: Return to Sender who wrote (10161)	5/20/2005 11:43:31 AM
From: Kayaker	Respond to of 13403

<<Am I right in thinking that the QQQQ must trade below 36.82 to be profitable for you on this trade of puts bought for 3.18 on the Dec 40's?>> Hi Rts. If I keep the puts until expiration, QQQQ would have to be below 36.82 to make a profit or break even. In the nearer term, if QQQQ drops less, I could make a profit because of the time value left in the puts. So, if QQQQ dropped to 37 for example, I would have some reasonable profit. Intention is to keep them until a June/July bottom. The waves have arrived; I'm off kayak surfing for the rest of the day!