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OK, thanks to MoMoney on the Position Simulator thread, I now know this is called a guts strangle. I don't know why someone would take the long version of one, it seems there would be easier ways to accomplish the same thing. As I said earlier, my goal in shorting this was to lower my cost of...

I run Linux. No problem here. Pages didn't load.

I pressed the "Complain" button on that thread, but maybe the mods don't work weekends.

Baseball cards are due for a comeback.

Can you give us an example? Do you think this can be applied to the OEX play I mentioned above? Thanks.

Yes, a year or two ago some people were worried about deflation. Ben said not to worry, the Fed would drop money out of helicopters to avoid it.

I think it's a broken wing butterfly, aka unbalanced butterfly. I haven't found much about it, but here's an article: http://www.optionetics.com/articles/article_full.asp?idNo=15116 Daddy'sboy (or anyone else who wants to jump in here), I want to play the OEX about a week before the next...

When you are 83 you don't even buy green bananas.

No, his stock hit the stop so it was sold, so the short call is now naked.

Yeah, you're right, I don't know what I was thinking (except whether or not to sell my DIA puts before OE). Anyway, would you touch the $10 strangle, or is the volatility too high? Is there any way to protect it with some flying beast (butterfly, condor, etc)? I haven't studied those at all...

I hope you are right. I just did an option calendar at 140. Good for the short shorts, not so good for the long longs.

So do they figure P/L for the day based on yesterday's close? I have no idea where GOOG options opened today. Were the high premiums due to high IV before the earnings announcement?

Shoulda sold it at the open - that straddle was -28.95 for the day. In fact anything near the money would have made money. You have to go out to the 440/440 to see +4.90.

Yeah, something like that. I risked $350 and made $1190 profit (not counting commissions, etc). Not too shabby. I bought the calls on Tuesday. Now if I wanted to publish a newsletter I could say "I made 30,000% annualized ...". Thanks for the DIA puts idea. I wouldn't have thought of that...

Yeah, you do need to buy the call back, otherwise it's a naked call which can be very dangerous. What Monte Carlo do you use? Is there a free one available?

OK, sold the 109 puts for .40. I had an order in to sell at .60 and it got real close, then I chased it down to .40. You know what they say "Money in hand is better than Bush in the White House" or something like that. I gotta start buying more than 10 contracts (famous last words?).

OK, I thought you were saying that the more the underlying goes down the more you would lose. So it would seem that (long stock + long put = synthetic call) plus short call is just a strangle. You can sell a Jan 07 WLP 77.50/75.00 strangle for about $10 right now.

Why didn't you analyze one of boots' real life examples? Like this one? WLP @77.44 Sell Jan 07 75 call for $7.9 Buy Jan 07 72.5 put for $2.9 You notice that the credit from the collar is 5.00 while the difference in strikes is 2.50, and both strikes are less than the current stock...

Why do people put on collars if not for downside protection?

boots, Nothing teaches like experience, so I think I might put on one or two of these to see how it goes. Do you ever roll up your puts if the stock goes up? BTW, I think you were saying that the main goal of your strategy is to maximize your worry-free fishing time.