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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: t2 who wrote (13055)	12/8/1998 8:12:00 AM
From: J. P.	Read Replies (1) \| Respond to of 74651

<April 150 calls did not exist a couple of weeks ago. > On a momentum play like this, I don't mind going only one or two months out (the January series), that way you can increase the number of contracts and go only one strike out of the money. The play a month ago was the January 120's (2 1/16 then 16 now), and January 115's (3 1/2 then, 20 now). I spelled it all out at the time: Message 6338717 and it played out exactly as I had hoped. When the options are over 15 or so the downside risk is too high and they should be rolled up to at the money in the same month series, you lose on the delta, but you take all your chips off the table, and whatever upside left is all on the house. Then on the pullback, jump in on the April series if your analysis tells you there's any pop left in the stock. IMHO