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Understanding LEAPS: Using the Most Effective Options Strategies for Maximum Advantage by Marc Allaire

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Introduction

On October 5, 1990, the Chicago Board Options Exchange® listed for trading long-term options, known as LEAPS® (Long-term Equity AnticiPation Securities), on 14 equities. The list rounded up the usual suspects: AT&T, Boeing, Bristol-Myers Squibb, Coca-Cola, Dow Chemicals, Eastman Kodak, Exxon, General Electric, General Motors, IBM, Johnson & Johnson, McDonalds, Merck, and Sears, Roebuck. Not too many option traders noticed. Some skeptics who noticed thought “long-term options” to be the best oxymoron they had heard in a while. In an industry that is forever launching new products, there may have been cause for indifference.

A valid question at this point would be: “Do option traders need a book dealing specifically with LEAPS?” Since ...

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