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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Mike Maxton who wrote (13037)	8/21/1998 1:17:00 PM
From: Alexander Pavlov	Respond to of 18691

Mike, Thanks for your comments, but << I would have to agree with your broker on this one. It doesn't matter what order you use to add up the results of a long, a short, and a covered call. You have in effect sold a naked call. But after options expiry tomorrow, you will have your boxed position. >> it is not clear to me if this is up to broker to decide on brackets order ([L+C]&S vs [L+S]&C), or there are some rules. I tend to believe there is some glitch in their software (this is on-line brokerage), because if I would try to write naked put/call or close underlying position, such an order wont be accepted to begin with. << If holding all 3 of these positions on the stock is what your really want, I would suggest opening a new account with a different broker for your short position. I don't really see the logic in holding all 3 of these positions in one stock, however. >> Me too, given current market conditions I would prefer simply to liquidate long position near break even level, but since I have to wait for the options expire, I boxed it. Kind regards, Alex