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Technology Stocks : Stock Swap -- Ignore unavailable to you. Want to Upgrade?

To: Trader X who wrote (12242)	2/20/1998 12:58:00 PM
From: Andrew Vance	Read Replies (1) \| Respond to of 17305

AV--Sorry about that Kevin. Either I spaced or didn't see it. As for the answer to the question, it was a straddle of the fence. Speaking with Patrick and others it was decided we didn't know which way it would go. the scales led me to the conclusion (with some great help and support) that protecting profits was the way to go. The option strategy worked exceptionally well since the stock trickled down this morning. I was prepared to have the stock called away from me at 27.625 (25 plus the premium I received) if the stock went up and then have the upside protected with the Mar30 Calls. The down side was protected by selling the Mar25 Calls and buying some PUTS on the other side of the fence with the proceeds. This was a cash free and cash producing transaction. 1x at 2.625 - (1x at 0.75 and 1x at 13/16) = 1 9/16 in pocket with the potential to lose my 1x position in ADPT at 25. So, my friend, there actually was no play other than a defensive move. The coin toss was tough since the coin was actually a pair of dice<GGG>. Sometimes too much information chokes you into not being able to play the game other than defense. BTW-Hot Flash-Gunnar Miller has jumped ship to Goldman Sachs. He know goes out to a broader based clientele with Goldman. For better or worse, he follows a number of stocks we talk about here like CFMT, CYMI, etal. I look at this as a good sign. BTW2-If we invested by the stars and the full moon, Today and Wednesday were the two "No-No" days, expecially today being a double witching day. I think Patrick has apoint about Monday being not so hot. Hmmm!!! Do the stars really rule<GGG> or do we allow them to rule. Self-fulfilling prophecies. AV