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>John Manasco
Which months are you looking at?
July
>Why the 30 put instead of an in-the-money put?
a/ Less $ exposure + expansion of volatility + rising delta if right and not
much falling if wrong.
b/ Greater ability to manouver once FDX makes its move (eg selling deeper
itm if bullish or selling further otm to neutralize $exposure if it tanks
etc).
>Phil Lane
This one could bounce from here.
Sure looks like that today, the element of surprise is on the upside in the
Transports since every Dow theorist and piggy back doom sayer is writing
this group off.
FDX Earnings report tomorrow.
Little known facts:
- Delta has hedged its consumption @ Crude $15/bbl thru Mar 2001.
- FDX added $400 million in revenue and $100 million in net profit IN SPITE
OF doubling + energy prices.
Looks good for a sustained short squeeze (today''s action, that is).
Gitanshu
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