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To: John Pitera who wrote (43890)	5/28/1999 2:18:00 PM
From: accountclosed	Read Replies (1) \| Respond to of 86076

ho ho ho, john hold the presses on the play of the day. i have reason to believe that there may be a surprise celebrity appearance... <gggggggg>

To: John Pitera who wrote (43890)	5/28/1999 3:06:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 86076

John, Those were the bids on the sale and the ask on the buy, or, the worst possible scenario. If you have a live broker who knows options, you may be able to enter it as a spread order. That is the way I do it and you get better prices that way. But with discount brokers on the net, they don't know from spreads. The $1600 is not margin. It is how much you will have to pay, less the net premium and the interest you earn in the meantime, if you get put on your 17 1/2 put short. This one looks higher risk than it is. You have to remember that if the stock moves down, your short will go close to intrinsic value fairly quickly while your long would pick up time premium.