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To: yard_man who wrote (5158)	12/29/1997 3:09:00 PM
From: Peter Yang	Read Replies (1) \| Respond to of 27307

Thanks, Actually a friend of mine has shorted YHOO at $60. I recommended him to sell March 60 puts for 6 1/2. If YHOO drops below 60, he could make 6 1/2 per share after being put. If YHOO continue to fly, he could at least reduce his loss by 6 1/2 per share for now because he would pocket the premium. He can keep doing this until his position is covered (e.g, when YHOO is 70, he can buy back the 60 puts and sell 65 puts). BTW, it's hard to find cheap calls for YHOO for the strike price around below 70.

To: yard_man who wrote (5158)	12/29/1997 3:34:00 PM
From: Oeconomicus	Read Replies (3) \| Respond to of 27307

Sell calls, buy puts for same exp close to same strike. Use the credit generated to buy near term protective OTM calls while waiting for the stock to tank. This approach provides added leverage, and increased, but limited risk. Barry, in other words (1)short the stock and buy a call or (2)simply buy a put. These positions and the one you suggest are all essentially the same and any significant differences would tend to be arbitraged away by players with lower transaction costs than even an AmeriTrade customer. Good luck. Bob