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To: Patrick Slevin who wrote (35077)	2/16/1998 1:41:00 PM
From: Nemer	Read Replies (2) \| Respond to of 58727

Pat: ----->How about buying those calls, then finding a resistance point for the bounce and writing puts against half your existing "long" put position. Now if you get your bounce you can cover the "short" put position for a profit and if the market does not bounce you are still riding out half the puts with a locked in profit on the other half. This is an excellent method to implement. I have done this several times lately and find it to be profitable. And one can add to the above nice covering ploy---- "If if you don't get the bounce, and it goes lower than your support figure, you can dispose of the newly acquired position for a (hopefully small) loss, ride the hoss down some and implement the strategy again, using another support point." Regards----I wear shoes sometimes Nemer

To: Patrick Slevin who wrote (35077)	2/16/1998 1:56:00 PM
From: donald sew	Read Replies (1) \| Respond to of 58727

Patrick, You had me rolling on the floor. To incorporate your idea of writing PUTS, first you buy the calls then it runs up and you initiate the puts. Since you think it can run up more. As it runs up more, but you think it can run up more you write puts. When you think that its now the top, you by back the puts that you sold and close your call position, and buy some more PUTS to average down the first PUT position. Once you have confirmation that it is now reversing you then also write CALLs. As the price drops below the original position, you buy back the Calls you wrote and then buy some calls to reinitiate the in-the-money-overlapping-strangle. Now as the price drops even more you close out the 2 averaged PUT positions, and buy calls to average the single call position, and you also write puts assuming it will go up. As it goes up - Now for those who really thought I was serious - sorry ggggggggggggggggggggggggggggggggggggggggggg. Seeya