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To: pat pasquale who wrote (42997)	2/12/1999 4:44:00 PM
From: Land_Lubber	Respond to of 53903

At the risk of being called a sore looser, I am quite annoyed that I had to close out my put options today at zero profit. I only bought the MUNKs yesterday for 3/8, at 14:20 when MU was trading at 69. Waited to sell them at the close today, had to sell them for 3/8 (at 16:03), even though MU was then trading at 64.5. That's a drop of 6.5% in the underlying in about 24 hours, and NO GAIN in the puts??? Don't tell me it's time value expiration. The next strike up (MUNLs, which is what I should have bought) were trading at $1 at 14:20 yesterday, and 1 5/16 at 16:03 today. That is a profit of 31% !! What a difference a strike price makes! I guess I learned an expensive lesson today. Land_Lubber