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To: SkyDart who wrote (74707)	10/26/1998 8:49:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 176387

thanks Jeff...I am posting this elsewhere...the only hitch can be the implied volatility of one versus the other.........if you do the spread at the same time it might help the effect of the IV...since hopefully both options will have similiar IV...but if you are legging in....I can see where that could cause a hitch but that is something you have to actually see happen to get the gist of the TRUE effect...well at least that is true for me because until you see the stripping of an option you are playing... you dont understand really how your dollars just evaporate into thin air...or the calls you are short get jacked up in IV and you have to buy them back with a jacked up IV to close it out...when you sold them with a decreased IV anyway...the mysterious IV has caught me on more than one occassion..in fact it has right now with some XCIT calls...and combine that with time erosion and well...you know.... but thanks for the post