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To: SecularBull who wrote (112023)	3/24/1999 11:11:00 PM
From: edamo	Respond to of 176387

LoD...correct..short term avails more opportunity, but incurs increased maintenance...i do both...there are just some moments when the market mania causes leap premiums to incredibly swell..sometimes 10-15% beyond the norm..if i can catch these points i load up .. my monthly positions serve two purposes...income..and backing into the long...in essence accepting the assignment if it is where i want it to be...but in reality, not really locked for the leap term..on a upward bias issue...could be only a few months...roll into same strike or follow it up with the strike...whatever the moment dictates..cheers, ed a.

To: SecularBull who wrote (112023)	3/25/1999 2:16:00 AM
From: Don Martini	Read Replies (2) \| Respond to of 176387

Hi LONG! You're not really locked in, can close any time. In January I sold Leap puts on a stock which has jumped. At this point I can close & take about half the premiums but this would be poor tax and trading strategy. Maintenance reqt is very low, 10%, too. I only sell Leap puts if it appears to be a sure thing, because you can't roll out a 2001 and I like that remedy available in case the stock heads south. On shorter term puts I'm likely to close when most of the money is out of them because the stock may change it's mind & wipe me out. Don