Some Option Plays

FOR THE BEAR:                    FOR THE BULL:

  -- Buy a put                     -- Buy a call

  -- Buy a put and                 -- Buy a call and
sell another put at                   sell another call at
a lower strike price                  a higher strike
(put spread)                          price (call spread)

  -- Buy a put and sell            -- Sell a put spread
a call (collar)


DATA: BUSINESS WEEK