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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Knighty Tin who wrote (44037)	1/20/1999 4:04:00 PM
From: Tommaso	Read Replies (3) \| Respond to of 132070

I am sure learning some things fast. For example, less than two weeks ago I bought an AMZN lEAP with a strike at 133.3, which was at that moment only about 2/3 the current price. As of now it's in the money by over 20 points, but a while ago there was a bid/asked spread that was huge and no real market for it going. It has hardly traded since I bought it. Anyone who bought a near-term put at about 100 strike or lower must have multiplied their money ten times. I see what the propblem is with those high premiums now--though of course I have almost two years to sit on the thing and see how low AMZN will actually go, which is what I may do. I think it's worth about $10 a share myself. If AMZN drops another 30 points or so, I guess I will get a steady increment in the puts value for further declines, but (since I have some others in AMZN at a lower strike) I may just get out and roll the money into LEAPS on SCH and CSCO. So far my idea about bubbles popping one by one seems to be holding--first YHOO and now AMZN. Knock on wood (i.e. my head).