[no subject]

<div 
          style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black">From:
Ira Tunik

To: realtraders@xxxxxxxxxxx

Sent: Thursday, November 16, 2000
12:54 PM

Subject: Re: AW: [RT] Market ESZ0
 Maybe these three pictures will help you clear it up.  One,
the straddle is overvalued.  Two, the straddle subjects you to twice
the time decay.  Three, the straddle subjects you twice the volatility
risk associated with option valuation. The spread sheet will show the current
valuations, the second chart will show you profit picture as it is today,
not at expiration for the ratio back spread and the third will show you
chart for the straddle. It trading you want as few uncontrolable variables
as possible. Ira 





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