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Technology Stocks : All About Sun Microsystems -- Ignore unavailable to you. Want to Upgrade?

To: Haim R. Branisteanu who wrote (16584)	5/24/1999 6:08:00 PM
From: Alok Sinha	Read Replies (1) \| Respond to of 64865

All of these option positions (Jun 70 and 65 covered calls, Jun 55 long puts and Jun 50 short puts) are basically to offset short term exposure from my very large long SUNW position. I bought back my covered calls today, and will sell again if and when SUN crosses 60-61. I think I agree with you with respect to the 55 puts - I will try to take my profits tomorrow. I doubt it will get to 50 to be assigned on the 50 puts. Regards Alok BTW. I also shorted some ASND Jun 85 Puts today. There is still a 2 dollar arb between LU and ASND shares, and the 85 puts effectively means that you can get LU shares assigned at 51.5 (Lu closed at 56+ today). Lu 50 puts for June have significantly less volatility.