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

To: gbh who wrote (47622)	2/17/1999 12:18:00 PM
From: Knighty Tin	Respond to of 132070

Gary, It has nothing to do with Dell. It has to do with the prices of Leaps. I usually buy low priced, shorter term out of the money options for trading sardines like Dell. I put on a spread conversion and unwound the buy/write call portion when the stock went up. Now, I am finally removing the long put leg. This started as an income trade and became a 90/10 trade, and I prefer to use the 10 of my 90/10 more efficiently than in Leaps. I still own puts on Dell, just not out to 2001 and definitely not at a cost of $13. <G> I am not a short term guy, but I expect Dell to have the dead cat bounce it is currently enjoying, hit $65 before the next eps, then zip through $55 after that disaster. MB