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Bought ebay at 65, sold a 70 2003 leap for 21. Stocks around 56, leap's around 13-14. So far no real harm done. Switching leaps tommorrow. Selling a Jan 60. As long as ebay doesn't fall like a rock, I can keep this up all year.

I guess I'm not getting it. If eBay drops, you make no money, in fact you lose a bit. If it goes up, you will make a bit but lose money on the call, and your upside is limited once the stock hits 70, since you have contracted to put it to someone else at that price. I guess I'm not quite sure what "keeping it up all year" is going to gain you. Obviously the call will lose its time value -- over the next 2.5 years -- but that's a long time to wait . . .

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