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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: waldemar cyranski who wrote (24931)	1/9/1999 5:26:00 PM
From: Wallace Rivers	Respond to of 42771

Waldy...your and my cost is almost identical. Mine is 16.64, and finally I'm above water!! Took a long time and beaucoup de patience.

To: waldemar cyranski who wrote (24931)	1/10/1999 1:55:00 AM
From: Paul Fiondella	Read Replies (1) \| Respond to of 42771

How true I had my entire position locked in at 18 1/8 (by shorting the equivalent number of shares at that price to my Jan 10 Calls). Since it takes forever to sell Novell calls I exercised my options and took the shares. I chose not to cover my short position immediately with exercise of my Jan 10 Calls. So I'm now both long and short the equivalent number of shares at the same time. However my plan is to liquidate my long position. On Friday I sold 1900 of my long position at 19 1/2 and bought 1900 at 19 to cover my short position. So I got $8.5 vs $8 on those 1900 shares. I then bought some Feb 17 1/2 Calls to protect my short. This is a bet on Novell going up. I think it can do 20 on the upside and 18 1/2 on the down in the near term. I will be selling into an up move and keeping my calls instead of the shares. Since I'm nearly twice as long as of Friday as I was Thursday, you're darn tooting right that NOVL's future is ours. ================== Have you ever thought of buying some puts for protection?