Wednesday 02-02-05
Bull Put
Spread

This trade involves two parts and is considered to be a fairly conservative
trade for the remaining two weeks in the February options cycle. Step 1 will be to buy the February $545 put. Step 2 will be to sell the February $550 put. Currently the
net credit to your account is $0.25 on a $4.75 investment for a potential 5.26%
rate of return for the next two weeks. We will expect the OEX to close above
$550 at the closing bell on the 3rd Friday of February. If it does both options
will expire leaving us a 5.26% return. No follow up action will be required. If
the index does fall, then it will need to sell heavy to fall through the $555
support. If necessary we will be able to unroll part of the trade (if the index
falls through support).

We will follow this trade in the Incometrader.com newsletter in the Homework
section with updates each Wednesday and Sunday.

Cheers,
Mike

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