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Strategies & Market Trends : From the Trading Desk -- Ignore unavailable to you. Want to Upgrade?

To: steve goldman who wrote (3324)	6/28/1998 10:09:00 AM
From: Dale Baker	Read Replies (1) \| Respond to of 4969

To anyone: an amateur question about options. When traders "roll over" options to later months, are they selling the current position, taking a tax hit and buying a later position with the proceeds? Or can you do it without taking a gain on your near-term position? I have some July calls which I am thinking about turning into September calls at a higher strike price. Advice appreciated. Still learning but actually a bit ahead on the options side this year.

To: steve goldman who wrote (3324)	6/30/1998 12:45:00 AM
From: pt	Read Replies (1) \| Respond to of 4969

With all due respect, Steve, why should it be a problem for electronic trading? This is exactly the kind of situation where computers should excel. An either-or order could be entered in the computer, and the second half of the order would automatically cancel when the first half executes. Granted there would have to be limits...if someone placed a stop at 35-3/8 with a limit at 35-5/8, the price could change too fast for the automatic cancellation to go through. I am not aware of any e-broker that offers this service, but I think they should. Paul