R3 Explanation -- Ya, you are right Poker, All Interested, see my older posts here: <b>Pay ATTENTION to the BOOKEND Statement about opening or closing out PUTS!! (Short Version)</b> Short Version--> <A HREF="http://www.investorshub.com/boards/read_msg.asp?message_id=11232452" target="_blank">http://www.investorshub.com/boards/read_msg.asp?message_id=11232452</A> and Long Version--> <A HREF="http://www.investorshub.com/boards/read_msg.asp?message_id=11237098" target="_blank">http://www.investorshub.com/boards/read_msg.asp?message_id=11237098</A> bobjack