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To: PAL who wrote (86944)	12/24/1998 9:15:00 PM
From: John Meares	Read Replies (2) \| Respond to of 176387

Interesting play!! What is the downside?

To: PAL who wrote (86944)	12/25/1998 11:48:00 AM
From: BGR	Respond to of 176387

Paul, Excellent trade! -Apratim.

To: PAL who wrote (86944)	12/25/1998 2:00:00 PM
From: AmericanVoter	Read Replies (1) \| Respond to of 176387

PAL, who is your brokerage firm...? when I checked up with my previous broker, I was told that the proceeds from selling a put or call are untouchable until the position is closed... thanks and Merry Christmas amein

To: PAL who wrote (86944)	12/27/1998 1:55:00 AM
From: Don Martini	Read Replies (1) \| Respond to of 176387

Hello, PAL, I think you made the perfect trade, put yourself in control of all the upside on a dynamic stock for 13 months with no investment! The only caveat is the Y2k problem which will be rearing its ugly head in 99. I, too, am short Leap puts on $200K of shares, with the intention of closing if I see really rough waters ahead. Leaps aren't as nervous as closer options, slower to move either up or down, gives you more reaction time. And after '99 midyear you'll have two more Leap series available for rollouts, if needed, 2001 & 2002. A beauty of your position is the palette of potential plays you can build on them. For example: if CSCO is up substantially you can take the stock and sell a higher strike straddle another year away: Imagine: A. It's Jan 2,000 and CSCO is $140: B. Exercise your calls at 100 C. Sell Jan 2001 straddles for $50 D. Your cost on the shares is 100-50 = $50 or so. The premium for all 1 year Leap straddles from 130 to 160 will be about 35% of the stock's market price. Thank's for the good wishes, PAL. May 1999 be your best year ever! Sincerely, Don