Zeev's Turnips Patch-No Politics (ZEEV)

[gary schrimpf]

Joe Stocks:

>>I will hold the puts for an extended period of time as long as I almost own them for free.

Please explain "free".<<<

Simply put (no pun intended) I have nearly recovered the cost of my puts by daytrading long and short on the stocks that I hold puts on. (If one includes the current value of the puts over my purchase price I am well ahead at the moment.) If for some reason the market doesn't drop over the next 5-10 months that the puts expire in, I still have profits from daytrading and I always have the option of selling the puts at any time. It is no more than a simple hedge against a market meltdown and I don't get overly excited if a stock goes up or down over a short or extended period of time as I will trade in the direction the stock is moving taking those $.20 to $1.00 profits on each trade with tight stops for any losses.

The puts I hold are:

DIA-Sept. 88's
IBM-April 80's
MSFT-July 55's
QQQ-March 24's

P.S. I don't trade the Diamonds that is a buy and "hope".