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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Herm who wrote (8442)	9/1/1998 5:37:00 PM
From: Douglas Webb	Read Replies (1) \| Respond to of 14162

Hey Herm! What's your take on WLA now? Up or down? I lucked out on this one. After reading this board Sunday night, and looking at a few of the stocks you mentioned as good bear candidates, I put in an order to buy 3 WLA OCT60 Puts, which got filled Monday morning at $1 3/16. WLA made the top ten losers list Monday night, after dropping more than $9. This afternoon I placed an order to sell 2 of my puts at $3.50, thinking that I can take a nice 170% profit and still have an option in play. Luckily, there was a lull during the afternoon and I got filled. So, this leaves me with 1 WLA Oct60 Put, at a net cost of $1.2792, and a closing market price of 1 7/8 x 2 1/8. I can sell at this price and, after commissions, get a $32.07 profit. Or, I can hold it, hoping for another drop in WLA's price, possibly losing the full $187.50 value of the put. It looks to me like WLA has managed to slingshot back and forth between it's bands these past two days; do you think it's shoot back down? Doug.