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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: ViperChick Secret Agent 006.9 who wrote (16541)	4/15/1998 3:44:00 PM
From: James F. Hopkins	Respond to of 94695

Lisa; I saw it up, but have not even looked at the options today TAX for me..at least an extension..my man to busy to do it all ----------------- But The way I went in I got no worry..I can call the sucker at 65..and arb out for a break even if she goes to heaven. ( I never short naked.) the puts I sold will pay for the comish. The thing is if they jack the call premium as well I may cover at a loss but sell the calls beyond that , ( doubtful) just the same I went in with a 3/4pt lay up..between the puts/calls and price I shorted at..It limited my profit to about 4 or 5 pts but was a no risk operation..that no risk is why I jumped so fast, after all you don't see them very often..a specialist goofed went to sleep or was on to much wacky prozaky or I would not have got $2 for the puts, which sinched the deal..this is a case were she was running up..I got the calls first..by the time I got them she had gone up even more, I looked and the puts were not falling ( like you said your puts are up in spite of the run up ) that was crazy so I wrote puts , then shorted and wound up 3/4 pts ahead LOCKED IN..with the chance that if she falls I can let the puts close me at 65, and salvage some call money if I don't wait to long.. again I can close her manually if the calls offer me a better profit..and likely very likely keep the put premium. I'll see what tomorrow brings, this thing can dance all she wants she cant bite me. Jim