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

To: yard_man who wrote (59651)	5/19/1999 10:25:00 AM
From: Knighty Tin	Respond to of 132070

Tip, I rarely get a full position in one strike or one expiration date, though the latter happens much more often than the former. That is because the 10% has to last all year. So, yes, my adds in thirds tend to be spread all over the expiration date/strike price map. Roll downs on winners just complicates the process. But, the most fun thing in put buying is when all the throwaway down and out rolls come to daddy because the truth comes out. Two examples I remember was sitting with $55 strike prices on MU when the stock hit $95. I was being taunted daily on Prodigy about those being dead meat, and I believed it myself. I was even beginning to question my 85s. Then, everything got well in no time. Ditto for Presstek, where I had them spread out way down to $120 puts with the stock at $200. Then, zippety-doo-dah, I not only made a ton on my 180s, but the 120s went to a quadruple before the roll down.