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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Voltaire who wrote (97483)	2/11/1999 11:57:00 PM
From: arthur pritchard	Respond to of 176387

Hi Voltaire: Schwab has three levels of options "permissions". Only at their highest level, can one sell out an underlying stock, leaving a shorted leap call naked, in the process. If one is only at their "beginner's" option level, upon writing calls, the underlying shares are frozen in place, not being tradable. So if the stock goes up, one can not lock in a gain in the stock, leaving the shorted calls naked---to be closed out at a later time. So their lowest level makes what I want to almost impossible. I may go ahead and write 310 leap calls, letting my account get "frozen", and shop around for another brokerage firm, to accept my account with the 31,000 shares and the $650,000 in shorted call premiums sitting in my account, along with the present appromately $900,000. of equity. Somehow, I don't think I will have any trouble having such an account taken over by one of several firms. But I definitely don't want to write the leap calls, without the choice of selling the underlying stock, on a rise. After all, I have basically made a fortune, doing this, and in my first year doing this. As I expect to do even better this year, I don't need a brokerage firm telling me I don't know the price movements of Dell. Does anyone know of a firm where they actually take some kind of a look at the actual trading record, of someone like me? Thank you in advance. Oh, forgot to add, for all you buy and holders, this is essentially a story I made up....or you can call it beginners luck...no way will it happen again this year....by the end of the year, I will be flat broke...