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Technology Stocks : Orbital science (ORB) -- Ignore unavailable to you. Want to Upgrade?

To: jeff nightbyrd who wrote (1354)	3/27/1998 8:03:00 AM
From: Lee Penick	Read Replies (1) \| Respond to of 2394

Hi Jeff, You are working the call side of the house and I am working the put side. I like to sell naked puts or do a spread. I sold the March 40s about a week before expiration to make a quick $500. (psychologically that is paying for an upcoming vacation) Now I moved into a spread and sold the May 50's and bought the May 40s. Obviously I'm bullish, but experience with Intel has taught me to protect my downside and buy the lower put to limit possible losses if things turn sour. This also ties up much less collateral than selling the 50 put naked. I agree the premiums are high. That is one reason I like to sell premium as opposed to buying it. Are you cleared to do spreads and sell naked options? Lee