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To: Darth Trader who wrote (43510)	5/19/1998 11:56:00 AM
From: AlanH	Respond to of 58727

Darth, re:Well DUH, the only way to protect profits is to sell, DELL puts are outlandishly expensive due to implied volatility and demand. Please, examine the below scenario: Holder of 1000 DELL shares Buys 10 JUL90 Puts, Sells 10 JUL110 Calls [This is a 1x1 with a debit of 1; or, $1000.] For the price of $1000, DELL holder is protected from any slide below 90 -- AND, retains upside potential to 110. Easy money. Similarly, it is possible to construct a position with no debit whatsoever. Peace.