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To: IKM who wrote (5391)	12/31/1997 2:39:00 PM
From: santhosh mohan	Respond to of 27307

Near zero-cost collar: Buy the Feb 65 puts and write the Feb 75 calls. You are assured of at least 65 per share if the stock falls, and give up gains above 75 - hence the term collar.

To: IKM who wrote (5391)	12/31/1997 2:46:00 PM
From: Oeconomicus	Respond to of 27307

IKM, let's say you own the stock (Aaa!! Scared ya', didn't I?). To lock in your hard won 500% gain while deferring realization to next year, sell the Feb 75 call at 5 1/8 and buy the Feb 65 put at 4 7/8 (your broker will politely thank you for the commission which will eat up the 1/4 credit). You get any upside to $75 and are protected below $65. Come Feb 20, either the stock will be called away at $75, you will put it at $65, or you will sell it between $65 and $75 (or you keep it between $65 and $75). Bob