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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: Jan Crawley who wrote (60103)	2/23/1999 1:29:00 AM
From: James A. Shankland	Read Replies (1) \| Respond to of 61433

I have 1K Asnd core shares and 200 LU shares. Wrote Mar. covered calls for the 200 LU shares today. Any thoughts in leveraging my current long shares for an option position? Not really. The only option strategy I know of that leverages an existing, long position is writing covered calls. As somebody mentioned a few posts back, the June call prices look pretty good: 7 x 7 1/2 for a June 90 call, for example. If you'd consider increasing your position on a price dip, you could write some naked puts. The June 75 ASND put, for example, is at 8 x 8 1/2. You could write some of those, and if you got assigned (moderately unlikely, IMO, as the decreasing arb spread should give ASND some lift), you'd in effect be picking up more ASND at 67 (less if you hold out for a higher premium).