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You can sell a leap against ebay and reap a lot of protection. A huge upside swing will eat up the premium in the leap--a downside slide will carry much of the loss for you.

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.
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