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

To: Eddie Kim who wrote (26975)	6/2/1998 3:30:00 PM
From: Night Writer	Read Replies (2) \| Respond to of 97611

Eddie, I sold July 42.5 puts for 14 1/2 when stock was around 29. Bought July 30 puts for $1 when we had the run up to 33 or 34. That established the strangle position. Sold deep into the money so risk of exercise was higher then normal. Don't know if exercise is due to worry over price falling or price jumping after merger. (Mostly it was just some one ready to sell.) Stock cost me $28 today. Reset the strangle by selling 32.5 puts for 5 1/8 using the $1 puts for insurance. The dollar puts are now worth over $3. We will see if I make money on this one. NW