I was talking about options on the SPX, although as Im sure you know, there are options on the Big Futures (those are 2.5 times the size of the spx contract). Options on the Mini Future (1/2) the size. I wouldnt suggest the options on the futures though, because it can confuse alot of people, and they are less liquid. Mark who isnt insecure about being the only Mark www.option911.com
Ivan, I think there are definate ways to have protected directional option plays. However, I before you do ANYTHING, I would seriously consider doing alot of reading and some research. A good place to start is the CBOE website (look for the options institute). They have free educational stuff, and for the most part arent trying to sell you anything (save Jim Bittman's book-which is actually pretty good). And do plenty of reading, the bible of floor traders is Option Pricing and Volatility by sheldon natenberg, but there are lots of other (cottle for instance). Better to skip trading options for a couple months then blow several thousand dollars learning that you need to learn. Mark www.option911.com