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To: Thean who wrote (7456)	2/16/1999 8:19:00 PM
From: upanddown	Respond to of 14427

Thean, I see what you mean now. If the underlying collapses, you wouldn't want to drop the strike since the new premium would probably just cover the loss on the sold puts and you would be in a break-even at best situation. With the timing on an oil turnaround so uncertain, I do agree you want to buy lots of time with each new put position. Sooner or later, you are going to collect. I've had good luck with puts I sold in Sept/Oct that expired or are expiring in Jan/Feb/Mar. Hit on 5 in a row so far with open ones still in black. I particularly like the low strikes like the FLC 10's. Selling puts has this wildly risky reputation ("naked" scares people) but they don't seem very risky when the stocks are down 80-85%, the strikes are low, the premiums are cushy and you are only a few bucks from ground zero anyway.<ggg> Holding Dell overnight seems a lot riskier, especially this night.<g> Want to apologize for the SD thread about that idiot Slider. Hopefully, he is gone for good. John

To: Thean who wrote (7456)	2/16/1999 10:12:00 PM
From: Lucretius	Respond to of 14427

I agree that RIG is a value at the current price, and I think it will begin a BIG bounce w/in days (probably tomorrow) but I do think it will hit new lows in a few months. I am waiting. just my opinion. what are your technicals saying about the mkt?