The following is the OptionBT sighting of    "D.S. Encore".
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Title   :   "D.S. Encore"
Position Description   :
     Position taken   :     July 08,2003 (sometime after 10:30am CDT)
     9 Months out,
     Bull Call Spread for "debit",
     Shorts above the the money by 92 points at the close of the day,
     Longs in the money by 13 points at the close of the day,
     Bought 04 Mar 995 Calls (2510 cnt),
     Sold 04 Mar 1100 Calls (2500 cnt).
Expiration/Settlement    :    March 19, 2004 / Settlement = 1120.18
Count   :                           2500 (Pairs) + 10 long calls
Credit or (Debit)   :            ($10,815,000)
Margin   :                          none (strike of short calls > strike of long calls)
Results   :                          break even @ SPX = 1038 ,
                                        full spread @ SPX >= 1100 will be +$15,540,000
                                        +dollar for dollar above SPX = 1100 on 10 extra calls.

Comments   :   "D.S. Encore"
  "D.S. Encore" is a repeat performance by "Double or Something". If this BigFoot wins big, we will probably change his name to "Double 'and' Something". This position is a favored modus operandi for "D.S.". This one leg in and one leg out bull spread on calls worked well before with the puts.
(See "Double or Something" BigFoot Hall of Fame winners with sighting date of 30 May 2001.)

In his previous appearance "D.S." took home $10M of someone else's money. He is deploying that money and that strategy here (only in the opposite direction).

When I first spotted "D.S.E" and made this trade a candidate for the BFHoF, I wrote,
'For "D.S. Encore" to reach the winner's circle "again", the SPX must close above 1100 by the "ides of March '04"...... We want to encourage "D.S.E." for carrying the standard high for all of us, however taking home "another $10m of someone else's money" the second year running is a stretch of the imagination.....'

I find myself in the position of for a second time having underestimated the skill of this trader. With a settlement of 1120.18 on the SPX for March 2004, this one leg in and one leg out bull call spread was right on the money. We cannot be sure if "D.S.E" held to the end or bailed along the way. Let's give him the benefit of the doubt. Let's assume "D.S.E." took home the entire purse of $15.5M .

"D.S.Encore" we will be changing your name from "Double or Something" to "Double and Something". We will also look for you again and hope not to underestimate you next time. Congrats.


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