I know some people here have asked about firms where they could have access to leverage and be able to hold positions for weeks or months. My question is this, Why not use LEAPS for leverage. I trade/invest using fundamentals and valuation techniques with TA for some timing. I have not yet used LEAPS but am considering it. In looking at LEAP prices it seems to me that one could purchse JAN 2004 LEAP calls on a stock and then sell no later than JUL 2003 (6 Mos. prior to exp.) and suffer very little in the way of time decay. This allow for 3 to 4x leverage with time premium costing no more than margin interest would. I realize LEAP spreads and liquidty are not well suited to shorter time frames, but for those looking to hold weeks or months this seems perfect. Any insight would be appreciated.