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A BAD CASE OF THE STRIPES By David Shannon Parts(18): Camilla Narrator 1 Narrator 2 Narrator 3 Narrator 4 Mr. Harms Mother Father Dr. Bumble Old Woman Environmental Therapist Dr. Grop Dr. Gourd Dr. Sponge Mr. Mellon Dr. Cricket Dr. Young <><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><><> Narrator 1: A BAD CASE OF THE STRIPES By David Shannon Narrator 2: Camilla Cream loved lima beans. But she never ate them. Narrator 3: All of her friends hated lima beans, and she wanted to fit in. Camilla always worried about what other people thought of her. Narrator 4: Today she was fretting even more than usual. It was the very first day of school, and she couldn't decide what to wear. There were so many people to impress! Narrator 1: She tried on forty-two outfits, but none seemed quite right. She put on a pretty red dress and looked in the mirror. Then she screamed. Narrator 2: Her mother ran into the room, and she screamed, too. Mother: "Oh my heavens! You're completely covered with stripes!" Narrator 3: she cried. This was certainly true. Camilla was striped from head to toe. She looked like a rainbow. Narrator 4: Mrs. Cream felt Camilla's forehead. Mother: "Do you feel all right?" Narrator 1: she asked. Camilla: "I feel fine, but just look at me!" Narrator 2: Camilla answered. Mother: "You get back in bed this instant. You're not going to school today." Narrator 3: her mother ordered. Camilla was relieved. She didn't want to miss the first day of school, but she was afraid of what the other kids would say. And she had no idea what to wear with those crazy stripes. Narrator 4: That afternoon, Dr. Bumble came to examine Camilla. Dr. Bumble: "Most extraordinary! I've never seen anything like it! Are you having any coughing, sneezing, runny nose, aches, pains, chills, hot flashes, dizziness, drowsiness, shortness of breath, or uncontrollable twitching?" Narrator 1: he asked. Camilla: "No, I feel fine." Narrator 2: Camilla told him. Dr. Bumble: "Well then, I don't see any reason why she shouldn't go to school tomorrow. Here's some ointment that should help clear up those stripes in a few days. If it doesn't, you know where to reach me." Narrator 3: Dr. Bumble said, turning to Mrs. Cream. And off he went. Narrator 4: The next day was a disaster. Everyone at school laughed at Camilla. They called her "Camilla Crayon" and "Night of the Living Lollipop." Narrator 1: She tried her best to act as if everything were normal, but when the class said the Pledge of Allegiance, her stripes turned red, white, and blue, and she broke out in stars! Narrator 2: The other kids thought this was great. One yelled out, Narrator 3: "Let's see some purple polka dots!" Narrator 4: Sure enough, Camilla turned all purple polka-dotty. Someone else shouted, Narrator 1: "Checkerboard!" Narrator 4: and a pattern of squares covered her skin. Soon everyone was calling out different shapes and colors, and poor Camilla was changing faster than you can change channels on a T.V. Narrator 2: That night, Mr. Harms, the school principal, called. Mr. Harms: "I'm sorry, Mrs. Cream, I'm going to have to ask you to keep Camilla home from school. She's just too much of a distraction, and I've been getting phone calls from the other parents. They're afraid those stripes may be contagious." Narrator 3: he said. Camilla was so embarrassed. She couldn't believe that two days ago everyone liked her. Now, nobody wanted to be in the same room with her. Narrator 1: Her father tried to make her feel better. Father: "Is there anything I can get you, sweetheart?" Narrator 2: he asked. Camilla: "No, thank you," Narrator 3: sighed Camilla. What she really wanted was a nice plate of lima beans, but she had been laughed at enough for one day. Dr. Bumble: "Hmm, well, yes, I see. I think I'd better bring in the Specialists. We'll be right over.” Narrator 4: said Dr. Bumble to Mr. Cream on the phone. About an hour later, Dr. Bumble arrived with four people in long white coats. He introduced them to the Creams. Dr. Bumble: "This is Dr. Grop, Dr. Sponge, Dr. Cricket, and Dr. Young." Narrator 1: Then the Specialists went to work on Camilla. They squeezed and jabbed, tapped and tested. It was very uncomfortable. Dr. Grop: "Well, it's not the mumps." Dr. Sponge: "Or the measles." Dr. Cricket:"Definitely not chicken pox." Dr. Young: "Or sunburn." Narrator 2: replied the Specialists. Specialists:"Try these. Take one of each before bed." Narrator 4: said the specialists. They each handed her a bottle filled with different colored pills. Then they filed out the front door followed by Dr. Bumble. Narrator 1: That night, Camilla took her medicine. It was awful. Narrator 2: When she woke up the next morning, she did feel different, but when she got dressed, her clothes didn't fit right. She looked in the mirror, and there, staring back at her, was a giant, multi-colored pill with a face on it. Narrator 3: Dr. Bumble rushed over as soon as Mrs. Cream called. But this time, instead of the Specialists, he brought the Experts. Narrator 4: Dr. Gourd and Mr. Mellon were the finest scientific minds in the land. Once again, Camilla was poked and prodded, looked at and listened to. Narrator 1: The Experts wrote down lots of numbers. Then they huddled together and whispered. Dr. Gourd finally spoke. Dr. Gourd: "It might be a virus," Narrator 2: he announced with authority. Suddenly, fuzzy little virus balls appeared all over Camilla. Mr. Mellon: "Or possibly some form of bacteria," Narrator 3: said Mr. Mellon. Out popped squiggly little bacteria tails. Dr. Gourd: "Or it could be a fungus," Narrator 4: added Dr. Gourd. Instantly, Camilla was covered with different colored fungus blotches. The experts looked at Camilla, then each other. Experts: "We need to go over these numbers again back at the lab. We’ll call you when we know something," Narrator 1: said the Experts. But the Experts didn't have a clue, much less a cure. Narrator 2: By now, the T.V. news had found out about Camilla. Reporters from every channel were outside her house, telling the story of "The Bizarre Case of the Incredible Changing Kid." Narrator 3: Soon a huge crowd was camped out on the front lawn. Narrator 4: The Creams were swamped with all kinds of remedies from psychologists, allergists, herbalists, nutritionists, psychics, an old medicine man, a guru, and even a veterinarian. Narrator 1: Each so-called cure only added to poor Camilla's strange appearance until it was hard to even recognize her. She sprouted roots and berries and crystals and feathers and a long furry tail. But nothing worked. Narrator 2: One day, a woman who called herself an Environmental Therapist claimed she could cure Camilla. She said, Environmental Therapist: "Close your eyes, breathe deeply, and become one with your room." Camilla: "I wish you hadn't said that," Narrator 3: Camilla groaned. Slowly, she started to melt into the walls of her room. Her bed became her mouth, her nose was a dresser, and two paintings were her eyes. The therapist screamed and ran from the house. Mother: "What are we going to do? It just keeps getting worse and worse!" Narrator 4: cried Mrs. Cream. She began to sob. Narrator 1: At that moment, Mr. Cream heard a quiet little knock at the front door. He opened it, and there stood an old woman who was just as plump and sweet as a strawberry. Old Woman: "Excuse me, but I think I can help." Narrator 2: she said brightly. Narrator 3: She went into Camilla's room and looked around. Old Woman: "My goodness, what we have here is a bad case of the stripes. One of the worst I've ever seen!" Narrator 4: she said with a shake of her head. She pulled a container of small green beans from her bag. She said, Old Woman: "Here. These might do the trick." Mother: "Are those magic beans?" Narrator 1: asked Mrs. Cream. The old woman replied, Old Woman: "Oh my, no, there's no such thing. These are just plain old lima beans. I'll bet you'd like some, wouldn't you?" Narrator 2: she asked Camilla. Camilla wanted a big, heaping plateful of lima beans more than just about anything, but she was still afraid to admit it. She said, Camilla: "Yuck! No one likes lima beans, especially me!" Old Woman: "Oh, dear, I guess I was wrong about you." Narrator 3: said the old woman sadly. She put the beans back in her bag and started toward the door. Narrator 4: Camilla watched the old woman walk away. Those beans would taste so good. And being laughed at for eating them was nothing, compared to what she'd been going through. She finally couldn't stand it. Camilla: "Wait! The truth is...I really love lima beans." Narrator 1: she cried. The old woman smiled, popping a handful of beans into Camilla's mouth, and said, Old Woman: "I thought so." Camilla: "Mmmmmmm," Narrator 2: said Camilla. Suddenly the branches, feathers, and squiggly tails began to disappear.Then the whole room swirled around. When it stopped, there stood Camilla, and everything was back to normal. Camilla: "I'm cured!" Narrator 3: she shouted. The old woman said, Old Woman: "Yes, I knew the real you was in there somewhere." Narrator 4: She patted Camilla on the head and went outside and vanished into the crowd. Narrator 1: Afterward, Camilla wasn't quite the same. Narrator 2: Some of the kids at school said she was weird, but she didn't care a bit. Narrator 3: She ate all the lima beans she wanted, and she never had even a touch of stripes again.MYTH The British helped the Jews displace the native Arab population of Palestine. FACT Herbert Samuel, a British Jew who served as the first High Commissioner of Palestine, placed restrictions on Jewish immigration “in the ‘interests of the present population’ and the ‘absorptive capacity’ of the country.”1 The influx of Jewish settlers was said to force the Arab fellahin (native peasants) from their land. This was when less than a million people lived in an area that now supports more than nine million. The British limited the absorptive capacity of Palestine when, in 1921, Colonial Secretary Winston Churchill severed nearly four-fifths of Palestine—some thirty-five thousand square miles—to create a new Arab entity, Transjordan. As a consolation prize for the Hejaz and Arabia (which are both now Saudi Arabia) going to the Saud family, Churchill rewarded Sharif Hussein’s son Abdullah for his contribution to the war against Turkey by installing him as Transjordan’s emir. The British went further and placed restrictions on Jewish land purchases in what remained of Palestine. By 1949, the British had allotted 87,500 acres of the 187,500 acres of cultivable land to Arabs and only 4,250 acres to Jews. This contradicted Article 6 of the Mandate which stated that “the Administration of Palestine…shall encourage, in cooperation with the Jewish Agency…close settlement by Jews on the land, including State lands and waste lands not acquired for public purposes.”2 Ultimately, the British admitted that the argument about the country’s absorptive capacity was specious. The Peel Commission said, “The heavy immigration in the years 1933–36 would seem to show that the Jews have been able to enlarge the absorptive capacity of the country for Jews.”3 MYTH The British allowed Jews to flood Palestine while Arab immigration was tightly controlled. FACT The British response to Jewish immigration set a precedent of appeasing the Arabs, which was followed for the duration of the Mandate. The British restricted Jewish immigration while allowing Arabs to enter the country freely. Apparently, London did not feel that a flood of Arab immigrants would affect the country’s “absorptive capacity.” During World War I, the Jewish population in Palestine declined because of the war, famine, disease, and expulsion by the Turks. In 1915, approximately 83,000 Jews lived in Palestine among 590,000 Muslim and Christian Arabs. According to the 1922 census, the Jewish population was 83,000, while the Arabs numbered 643,000.4 Thus, the Arab population grew exponentially while that of the Jews stagnated. In the mid-1920s, Jewish immigration to Palestine increased primarily because of anti-Jewish economic legislation in Poland and Washington’s imposition of restrictive quotas.5 The record number of immigrants in 1935 (see table) was a response to the growing persecution of Jews in Nazi Germany. The British administration considered this number too large, however, so the Jewish Agency was informed that less than one-third of the quota it asked for would be approved in 1936.6 The British gave in further to Arab demands by announcing in the 1939 White Paper that an independent Arab state would be created within ten years and that Jewish immigration was to be limited to 75,000 for the next five years, after which it was to cease altogether. It also forbade land sales to Jews in 95% of the territory of Palestine. The Arabs, nevertheless, rejected the proposal. Jewish Immigration to Palestine7 1919 1,806 1931 4,075 1920 8,223 1932 12,533 1921 8,294 1933 37,337 1922 8,685 1934 45,267 1923 8,175 1935 66,472 1924 13,892 1936 29,595 1925 34,386 1937 10,629 1926 13,855 1938 14,675 1927 3,034 1939 31,195 1928 2,178 1940 10,643 1929 5,249 1941 4,592 1930 4,944 By contrast, throughout the Mandatory period, Arab immigration was unrestricted. In 1930, the Hope Simpson Commission, sent from London to investigate the 1929 Arab riots, said the British practice of ignoring the uncontrolled illegal Arab immigration from Egypt, Transjordan, and Syria had the effect of displacing the prospective Jewish immigrants.8 The British governor of the Sinai from 1922 to 1936 observed, “This illegal immigration was not only going on from the Sinai, but also from Transjordan and Syria, and it is very difficult to make a case out for the misery of the Arabs if at the same time their compatriots from adjoining states could not be kept from going in to share that misery.”9 The Peel Commission reported in 1937 that the “shortfall of land is…due less to the amount of land acquired by Jews than to the increase in the Arab population.”10 MYTH The British changed their policy to allow Holocaust survivors to settle in Palestine. FACT The gates of Palestine remained closed for the duration of the war, stranding hundreds of thousands of Jews in Europe, many of whom became victims of Hitler’s “Final Solution.” After the war, the British refused to allow the survivors of the Nazi nightmare to find sanctuary in Palestine. On June 6, 1946, President Truman urged the British government to relieve the suffering of the Jews confined to displaced persons camps in Europe by immediately accepting 100,000 Jewish immigrants. Britain’s foreign minister Ernest Bevin replied sarcastically that the United States wanted displaced Jews to immigrate to Palestine “because they did not want too many of them in New York.”11 Some Jews reached Palestine, many smuggled in on dilapidated ships organized by the Haganah. Between August 1945 and the establishment of the State of Israel in May 1948, sixty-five “illegal” immigrant ships, carrying 69,878 people, arrived from European shores. In August 1946, however, the British began to intern those they caught in camps on Cyprus. Approximately 50,000 people were detained in the camps, and 28,000 remained imprisoned when Israel declared independence.12 MYTH As the Jewish population grew, the plight of the Palestinian Arabs worsened. FACT In July 1921, Hasan Shukri, the mayor of Haifa and president of the Muslim National Associations, sent a telegram to the British government in reaction to a delegation of Palestinians that went to London to try to stop the implementation of the Balfour Declaration. Shukri wrote: We are certain that without Jewish immigration and financial assistance there will be no future development of our country as may be judged from the fact that the towns inhabited in part by Jews such as Jerusalem, Jaffa, Haifa, and Tiberias are making steady progress while Nablus, Acre, and Nazareth where no Jews reside are steadily declining.13 The Jewish population increased by 470,000 between World War I and World War II, while the non-Jewish population rose by 588,000.14 The permanent Arab population increased by 120% between 1922 and 1947.15 This rapid growth of the Arab population was a result of several factors. One was immigration from neighboring states—constituting 37% of the total immigration to pre-state Israel—by Arabs who wanted to take advantage of the higher standard of living the Jews had made possible.16 The Arab population also grew because of the improved living conditions created by the Jews as they drained malarial swamps and brought improved sanitation and health care to the region. Thus, for example, the Muslim infant mortality rate fell from 201 per thousand in 1925 to 94 per thousand in 1945, and life expectancy rose from 37 years in 1926 to 49 in 1943.17 The Arab population increased the most in cities where large Jewish populations had created new economic opportunities. From 1922–1947, the non-Jewish population increased by 290% in Haifa, 131% in Jerusalem, and 158% in Jaffa. The growth in Arab towns was more modest: 42% in Nablus, 78% in Jenin, and 37% in Bethlehem.18 MYTH Jews stole Arab land. FACT Despite the growth in their population, the Arabs continued to assert they were being displaced. From the beginning of World War I, however, part of Palestine’s land was owned by absentee landlords who lived in Cairo, Damascus, and Beirut. About 80% of the Palestinian Arabs were debt-ridden peasants, semi-nomads, and Bedouins.19 Jews went out of their way to avoid purchasing land in areas where Arabs might be displaced. They sought land that was largely uncultivated, swampy, cheap, and—most important—without tenants. In 1920, Labor Zionist leader David Ben-Gurion expressed his concern about the Arab fellahin, whom he viewed as “the most important asset of the native population.” He insisted that “under no circumstances must we touch land belonging to fellahs or worked by them.” Instead, he advocated helping liberate them from their oppressors. “Only if a fellah leaves his place of settlement,” Ben-Gurion added, “should we offer to buy his land, at an appropriate price.”20 Jews only began to purchase cultivated land after buying all the uncultivated territory. Many Arabs were willing to sell because of the migration to coastal towns and because they needed money to invest in the citrus industry.21 When John Hope Simpson arrived in Palestine in May 1930, he observed, “They [the Jews] paid high prices for the land and, in addition, they paid to certain of the occupants of those lands a considerable amount of money which they were not legally bound to pay.”22 In 1931, Lewis French conducted a survey of landlessness for the British government and offered new plots to any Arabs who had been “dispossessed.” British officials received more than 3,000 applications, of which 80% were ruled invalid by the government’s legal adviser because the applicants were not landless Arabs. This left only about 600 landless Arabs, 100 of whom accepted the government land offer.23 In April 1936, a new outbreak of Arab attacks on Jews was instigated by local Palestinian leaders who were later joined by Arab volunteers led by a Syrian guerrilla named Fawzi al-Qawuqji, the commander of the Arab Liberation Army. By November, when the British finally sent a new commission headed by Lord Peel to investigate, 89 Jews had been killed and more than 300 wounded.24 The Peel Commission’s report found that Arab complaints about Jewish land acquisition were baseless. It pointed out that “much of the land now carrying orange groves was sand dunes or swamp and uncultivated when it was purchased…There was at the time of the earlier sales little evidence that the owners possessed either the resources or training needed to develop the land.”25 Moreover, the Commission found the shortage was “due less to the amount of land acquired by Jews than to the increase in the Arab population.” The report concluded that the presence of Jews in Palestine, along with the work of the British administration, had resulted in higher wages, an improved standard of living, and ample employment opportunities.26 It is made quite clear to all, both by the map drawn up by the Simpson Commission and by another compiled by the Peel Commission, that the Arabs are as prodigal in selling their land as they are in useless wailing and weeping (emphasis in the original). —Transjordan’s king Abdullah27 Even at the height of the Arab revolt in 1938 (which began in April 1936 with the murder of two Jews by Arabs and the subsequent murder of two Arab workers by members of the Jewish underground28), the British high commissioner to Palestine believed the Arab landowners were complaining about sales to Jews to drive up prices for lands they wished to sell. Many Arab landowners had been so terrorized by Arab rebels they decided to leave Palestine and sell their property to the Jews.29 The Jews paid exorbitant prices to wealthy landowners for small tracts of arid land. “In 1944, Jews paid between $1,000 and $1,100 per acre in Palestine, mostly for arid or semiarid land; in the same year, rich black soil in Iowa was selling for about $110 per acre.”30 By 1947, Jewish holdings in Palestine amounted to about 463,000 acres. Approximately 45,000 were acquired from the mandatory government, 30,000 were bought from various churches, and 387,500 were purchased from Arabs. Analyses of land purchases from 1880 to 1948 show that 73% of Jewish plots were purchased from large landowners, not poor fellahin.31 Many leaders of the Arab nationalist movement, including members of the Muslim Supreme Council, and the mayors of Gaza, Jerusalem, and s sold land to the Jews. As’ad el-Shuqeiri, a Muslim religious scholar and father of Palestine Liberation Organization chairman Ahmed Shuqeiri, took Jewish money for his land. Even King Abdullah leased land to the Jews.32 MYTH The British helped the Palestinians to live peacefully with the Jews. FACT In 1921, Haj Amin el-Husseini first began to organize fedayeen (“one who sacrifices himself”) to terrorize Jews. El-Husseini hoped to duplicate the success of Kemal Atatürk in Turkey by driving the Jews out of Palestine just as Kemal had driven the invading Greeks from his country.33 Arab radicals gained influence because the British administration was unwilling to take effective action against them until they began a revolt against British rule. Colonel Richard Meinertzhagen, former head of British military intelligence in Cairo, and later chief political officer for Palestine and Syria, wrote in his diary that British officials “incline towards the exclusion of Zionism in Palestine.” The British encouraged the Palestinians to attack the Jews. According to Meinertzhagen, Col. Bertie Harry Waters-Taylor (financial adviser to the military administration in Palestine 1919–23) met with el-Husseini in 1920, a few days before Easter, and told him that “he had a great opportunity at Easter to show the world…that Zionism was unpopular not only with the Palestine administration but in Whitehall.” He added that “if disturbances of sufficient violence occurred in Jerusalem at Easter, both General [Louis] Bols [chief administrator in Palestine, 1919–20] and General [Edmund] Allenby [commander of the Egyptian force, 1917–19, then high commissioner of Egypt] would advocate the abandonment of the Jewish Home. Waters-Taylor explained that freedom could only be attained through violence.”34 El-Husseini took the colonel’s advice and instigated a riot. The British withdrew their troops and the Jewish police from Jerusalem, allowing the Arab mob to attack Jews and loot their shops. Because of el-Husseini’s overt role in instigating the pogrom, the British decided to arrest him. He escaped, however, and was sentenced to ten years in absentia. A year later, some British Arabists convinced High Commissioner Herbert Samuel to pardon el-Husseini and to appoint him Mufti (a cleric in charge of Jerusalem’s Islamic holy places). By contrast, Vladimir Jabotinsky and several followers, who had formed a Jewish defense organization during the unrest, were sentenced to 15 years. They were released a few months later.35 Samuel met with el-Husseini on April 11, 1921, and was assured “that the influences of his family and himself would be devoted to tranquility.” Three weeks later, riots in Jaffa and elsewhere left forty-three Jews dead.36 El-Husseini consolidated his power and took control of all Muslim religious funds in Palestine. He used his authority to gain control over the mosques, the schools, and the courts. No Arab could reach an influential position without being loyal to the Mufti. His power was so absolute that “no Muslim in Palestine could be born or die without being beholden to Haj Amin.”37 The Mufti’s henchmen also ensured he would have no opposition by systematically killing Palestinians who discussed cooperation with the Jews from rival clans. As the spokesman for Palestinian Arabs, el-Husseini did not ask that Britain grant them independence. On the contrary, in a letter to Churchill in 1921, he demanded that Palestine be reunited with Syria and Transjordan.38 The Arabs found rioting an effective political tool because of the lax British response toward violence against Jews. In handling each riot, the British prevented Jews from protecting themselves but made little effort to prevent the Arabs from attacking them. After each outbreak, a British commission of inquiry would try to establish the cause of the violence. The conclusion was always the same: The Arabs feared being displaced by the Jews. To stop the rioting, the commissions would recommend that restrictions be placed on Jewish immigration. Thus, the Arabs learned they could always stop the influx of Jews by staging riots. This cycle began after a series of riots in May 1921. After failing to protect the Jewish community from Arab mobs, the British appointed the Haycraft Commission to investigate the cause of the violence. Although the panel concluded the Arabs had been the aggressors, it rationalized the cause of the attack: “The fundamental cause of the riots was a feeling among the Arabs of discontent with, and hostility to, the Jews, due to political and economic causes, and connected with Jewish immigration, and with their conception of Zionist policy.”39 One consequence of the violence was the institution of a temporary ban on Jewish immigration. The Arab fear of being “displaced” or “dominated” was an excuse for their attacks on Jewish settlers. Note, too, that these riots were not inspired by nationalistic fervor—nationalists would have rebelled against their British overlords—they were motivated by economics, the radical Islamic views of the Mufti, and misunderstanding. In 1929, Arab provocateurs convinced the masses that the Jews had designs on the Temple Mount (a tactic still used today to incite violence). A Jewish religious observance at the Western Wall, which forms a part of the Temple Mount, served as a pretext for rioting by Arabs against Jews, which spilled out of Jerusalem into other villages and towns, including Safed and Hebron. Again, the British administration made no effort to prevent the violence, and, after it began, the British did nothing to protect the Jewish population. After six days of mayhem, the British finally brought troops in to quell the disturbance. By this time, most of Hebron’s Jews had fled or been killed. In all, 133 Jews were killed and 399 wounded in the pogroms.40 After the riots, the British ordered an investigation, resulting in the Passfield White Paper. It said the “immigration, land purchase and settlement policies of the Zionist Organization were already or were likely to become, prejudicial to Arab interests. It understood the mandatory government’s obligation to the non-Jewish community to mean that Palestine’s resources must be primarily reserved for the growing Arab economy.”41 This meant it was necessary to restrict Jewish immigration and land purchases. MYTH The Mufti was not a Nazi collaborator. FACT In 1941, Haj Amin al-Husseini, the Mufti of Jerusalem, fled to Germany and met with Adolf Hitler, Heinrich Himmler, Joachim Von Ribbentrop, and other Nazi leaders. He wanted to persuade them to extend the Nazis’ anti-Jewish program to the Arab world. The Mufti sent Hitler fifteen drafts of declarations he wanted Germany and Italy to make concerning the Middle East. One called on the two countries to declare the illegality of the Jewish home in Palestine. He also asked the Axis powers to “accord to Palestine and to other Arab countries the right to solve the problem of the Jewish elements in Palestine and other Arab countries in accordance with the interest of the Arabs, and by the same method that the question is now being settled in the Axis countries.”42 In November 1941, the Mufti met with Hitler, who told him the Jews were his foremost enemy. The Nazi dictator rebuffed the Mufti’s requests for a declaration in support of the Arabs, however, telling him the time was not right. The Mufti offered Hitler his “thanks for the sympathy which he had always shown for the Arab and especially Palestinian cause, and to which he had given clear expression in his public speeches.” He added, “The Arabs were Germany’s natural friends because they had the same enemies as had Germany, namely…the Jews.” Hitler told the Mufti he opposed the creation of a Jewish state and that Germany’s objective was destroying the Jewish element in the Arab sphere.43 In 1945, Yugoslavia sought to indict the Mufti as a war criminal for his role in recruiting twenty thousand Muslim volunteers for the SS, who participated in the killing of Jews in Croatia and Hungary. He escaped French detention in 1946, however, and continued his fight against the Jews from Cairo and later Beirut where he died in 1974. MYTH The bombing of the King David Hotel was part of a deliberate terror campaign against civilians. FACT British troops seized the Jewish Agency compound on June 29, 1946, and confiscated large quantities of documents. At about the same time, more than 2,500 Jews from all over Palestine were arrested. A week later, news of a massacre of 40 Jews in a pogrom in Poland reminded the Jews of Palestine how Britain’s restrictive immigration policy had condemned thousands to death. In response to the British provocations, and a desire to demonstrate that the Jews’ spirit could not be broken, the United Resistance Movement planned to bomb the King David Hotel, which housed the British military command and the Criminal Investigation Division in addition to hotel guests. The Haganah pulled out of the plot and left it up to the Irgun. Irgun leader Menachem Begin stressed his desire to avoid civilian casualties and the plan was to warn the British so they would evacuate the building before it was blown up. Three telephone calls were placed on July 22, 1946, one to the hotel, another to the French Consulate, and a third to the Palestine Post warning that explosives in the King David Hotel would soon be detonated. The call to the hotel was received and ignored. Begin quotes one British official who supposedly refused to evacuate the building, saying, “We don’t take orders from the Jews.”44 As a result, when the bombs exploded, the casualty toll was high: 91 killed and 45 injured. Among the casualties were 15 Jews. Few people in the main part of the hotel were injured.45 For decades, the British denied they had been warned. In 1979, however, a member of the British Parliament provided the testimony of a British officer who heard other officers in the King David Hotel bar joking about a Zionist threat to the headquarters. The officer who overheard the conversation immediately left the hotel and survived.46 In contrast to Arab attacks against Jews, which Arab leaders hailed as heroic actions, the Jewish National Council denounced the bombing of the King David.47 1 Aharon Cohen, Israel and the Arab World, (NY: Funk and Wagnalls, 1970), p. 172 What is an official invitation letter? The companies write a letter of invitation-business when they host business visitors from abroad or from the same region or country. The business visitors can be investors; potential buyers may be conference visitors, business partners, employees of any company, or mere individuals who come for training at the company’s facilities. If a company is inviting any visitor, a representative of that company must write the letter. Also, the firms must have some specific people who would sign the invitation letters. These letters are very much precise, only containing the necessary information. The invitation letter should state the name of the business organization they represent and their relationship to the host (e.g., distributor, regional sales reps, etc.). The letter should articulate the planned dates of travel, and must be formatted professionally. What is a personal invitation letter? A Personal invitation letter is a letter one writes to invite people to a party or a social gathering at a very personal level. It is a formal request asking for the person’s presence at the event that is going to take place. All the relevant details regarding the event like the reason, date, time and venue and the dress code, if any, must be provided in the invitation letters. This will keep the guests informed, and they will feel happy to attend the event. The style and tone of the letter would depend upon the relationship between the sender and receiver. Through the letter, you should be able to make the receiver feel that you highly value his/her presence at the party or the event. A personal invitation letter can be written to invite a person to a birthday party, wedding, conference, meeting, dinner, etc. Before writing the letter, make sure you have a list of people whom you would like to invite to the party or the event. How to Write an Invitation Letter Writing an invitation letter becomes easy and swift once you get through the tips and the format of the invitation letter provided below. Usually block, semi-block or a modified block format is used for official invitation letters. The important aspects of any invitation letters are date, time, salutations and closing. For more advice refer to the tips provided. Tips for Invitation Letter Writing ● Organize the Matter – Before you draft an invitation letter ensure that you have all the required material. This material refers to a list of the people to be invited, sequential order of the events, timings of the events, special guest, official documents, photocopies and any other required item. Some items may also need to be attached along with the letter, keep them alongside. Refer to these as and when required. All the relevant documents will help you in drafting the letter. ● Drafting – You don’t just write a letter straightway and post it. It has to be reviewed and finalized. One of these processes is drafting. Drafting ensures that your mistakes and their rectification aren’t passed on to the invitation itself. Make all the mistakes in the draft itself. Drafting an invitation letter is important as sometimes we may make mistakes that we are not able to see but they are visible to others. One may require a draft to be approved by seniors before it is finalized. A second opinion from a friend or peer etc. may be required as well to determine certain things. ● Politeness – You don’t need to be told that you have to use polite language while writing an invitation letter, why would you be rude when sending an invitation? True, but you have to remind yourself of certain manners and etiquettes required of an invitation. Your invitation is your initiative, not the recipients so you need to be gracious. Always begin the letter with a welcome note instead of straightforward information of the invitation. Words of respect and gratitude are symbols of courtesy and politeness, always expressing your gratitude in the beginning and the end of the letter. ● Positive Tone – The gesture of welcome and gratitude themselves are positive points of an invitation letter. Apart from these, gestures of appreciation and anticipation are other positive points which can persuade a guest to attend the event. When you show your appreciation and anticipation towards the recipient through your words, it is an acknowledgement of his importance and thereby a positive approach. Towards this effect two tenses are used within the invitation letter, the present and the future. The present tense conveys information about the event and the future tense conveys an anticipated presence of the guest. ● Offer Assistance – An invitation being the responsibility of the sender, the assistance to the recipient by default becomes a responsibility of the host. The more facilities you provide the better the chances of someone’s attendance. You can offer pick up and drop services, accommodation, meals, provide them contact numbers in case you are not present at the venue and other required assistance. Relevant facts like date, time and venue of the event in the beginning itself is itself assisting. These assistances encourage a positive response from the invitees. ● Special Instructions – Some occasions require special instructions for the guests. These instructions can be: 1. Dress code 2. Road or route map 3. Purpose of the occasion – birthday, honor, anniversary etc. 4. Return gift 5. Response or confirmation to the invitation 6. Attire and items required for the guest to bring 7. No eatables allowed 8. Entrance only by invitation 9. 2 people per pass 10. No weapons allowed ● Length of the Matter – A simple invitation letter will only contain only the relevant facts. A simple invitation letter features an introduction which allows the sender to introduce themselves and or the organization they represent. A simple background of the individual or company is enough. Though invitations are meant to be concise and straightforward, it isn’t necessary. You can vary the length as per your need and requirement. Wedding and party invitation letters are not lengthy as compared to visit and certain personal invitation letters. ● Using Letterhead – As a rule official Invitation letters require a letterhead. Letterhead represents the sender and its inclusion is authority established. If you have a pre printed letterhead then use that. Personal Invitation letters don’t require letterheads and one can use it as per one’s desire. ● Gesture of Appreciation – Next, the appreciation for the guest to attend an activity or event must be shown. This can be completed with a formal note, stating that you look forward to seeing the individual at the event. ● Don’t forget the Enclosure – Some requests require certain documents to be attached; these can be the photocopies of documents like agreements, hard copies of email received, earlier correspondence, receipts, warranty etc. Keep original copies of all your letters, faxes, e-mails, and other related documents. ● Closing the Letter – Start the letter with Gratitude and end it with the same. It is a professional and social courtesy. At the end of your last paragraph is written, a complimentary close of the likes of ‘Sincerely’, ‘Thank you’, ‘Truly’ is essential. Close the letter by restating your appreciation and gratitude. ● Proofreading – Check for - awkward phrases, grammatical errors, incomplete sentences and spelling mistakes. Fix them with appropriate punctuation and remove dull or lifeless sentences and replace them with clever phrasing, poetry or a themed approach. This is the final step; the draft will be reviewed and revised before it acquires a proper form. Read it aloud to yourself to figure out mistakes which are missed out in writing. ● Inform in Advance – Invitation letters need to be sent in advance. Try to send the invitation letter two weeks or more in advance. The recipient needs to know in advance so that they can adjust their schedules, book tickets or make other arrangements which are essential.Create multiple choice questions using the following information: In November, Mrs. Baker has Holling read The Tempest. Despite his preconceptions, Holling is captivated by all the "good stuff" in the play, especially the cussing, which he decides to learn by heart. He figures that Mrs. Baker could not have read the play herself; if she had, she certainly would not have let him have it. Holling is amazed when he discovers that his teacher not only has read the play, but she knows the bad parts as well. Mrs. Baker gives Holling a one-hundred-and-fifty question test on The Tempest, and assigns him to read the play again, telling him "there is a lot more to (it) than a list of colorful curses." The deadline set by Holling's classmates for him to bring them cream puffs arrives, but although Holling's father's company has won the Baker's Sporting Emporium contract, he refuses to extend an advance on his son's allowance. Desperate, Holling goes to Goldman's Best Bakery, offering to work for the money he lacks to buy the cream puffs. Coincidentally, Mr. Goldman, who is active in Long Island's Shakespeare Company, needs a boy to perform in their upcoming Extravaganza, and because of his work with Mrs. Baker, Holling fits the bill. Mr. Goldman gives Holling the required number of cream puffs in exchange, but sadly, while the students are at recess, Caliban and Sycorax, the escaped rats who inhabit the classroom walls and ceiling, come out and decimate the treats. Somehow, the disaster is blamed on Holling; he must clean up the mess, and his classmates decree that he still owes them cream puffs. The next Wednesday, Holling brings five cream puffs to school, which is all he can afford. In addition to facing his classmates' ire, he has to deal with the fact that, in the Shakespeare Company Holiday Extravaganza, he must play the part of Ariel, who is a fairy, and wear yellow tights with white feathers on an unmentionable part of his anatomy; "not a good thing for a boy from Camillo Junior High." To Holling's surprise, just when things are at their darkest, Mrs. Baker comes through for him, bringing cream puffs for the students on his behalf. That afternoon, Mrs. Baker and Holling discuss The Tempest, and whether or not Caliban, the "monster," deserves a happy ending. Holling argues that, as the antagonist, he does not, but Mrs. Baker muses whether Shakespeare might have shown, even in a monster, the capacity of humankind to use defeat to grow. Mrs. Bigio stumbles into the classroom at this point, emitting sounds of indescribable sadness; she has just learned that her husband has been killed in a futile reconnaissance mission in Vietnam. Two nights after his funeral, the Catholic Relief Agency, which houses Vietnamese refugees, including Holling's classmate Mai Thi, is the target of a hate crime. Holling reflects that Shakespeare, with his happy endings for nearly everyone in The Tempest, is wrong. He says, "sometimes, there isn't a Prospero to make everything fine...and...the quality of mercy is strained." In December, Camillo Junior High is awash in "signs of the season." Mrs. Baker, however, does not share the holiday spirit, but Holling is too absorbed with his problems with the Shakespeare Holiday Extravaganza to wonder why. As always, Holling seeks help from his family, but to no avail; his mother comments insipidly that his embarrassing costume is cute, his father tells him to wear it to please Mr. Goldman, who might one day need an architect, and his sister warns him that if news of his role gets to the high school, no one better find out they are related. The only thing that prevents December from being a total disaster is Mrs. Baker's announcement that Mickey Mantle will be signing autographs at the Baker Sporting Emporium. Unfortunately, Mrs. Baker also tells the class about Holling and the Shakespeare Extravaganza, and encourages the students to attend both events. Holling's classmates are intensely curious about his role as Ariel, whom he euphemistically describes as "a warrior." Mr. Goldman tells Mrs. Baker that Holling needs "some practice on interpretation", and she practices with him, playing the part of Prospero. Mrs. Baker is a terrific reader, and when she and Holling rehearse the part where Prospero releases Ariel from bondage, Holling is inspired, realizing what it means to be free "to create his own happy ending." On the night of the performance, Mrs. Baker, Mrs. Bigio, Danny Hupfer and his parents, Meryl Lee, and Mai Thi are in the audience to support Holling, unlike his own parents, who do not want to miss the Bing Crosby Christmas Special on television. Holling executes his part with such passion that his classmates are moved to tears, and do not even notice what he is wearing. When the show is over, Holling, finding the dressing room locked, rushes outside, still in costume, where his father is supposed to be waiting to take him to Baker's Sporting Emporium to see Mickey Mantle. Typically, his father is not there, and Holling, frantic, flags down a bus and begs the driver to take him to the Emporium. The driver takes pity on him and complies, getting him to the Emporium just in time, but when Holling approaches Mickey Mantle for an autograph, the famous player looks derisively at his costume and snaps rudely, "I don't sign baseballs for kids in yellow tights." Danny Hupfer witnesses this snub, and loyally returns his own autographed baseball to Mickey Mantle, saying, "I guess I don't need this after all." Holling and Danny leave together in silence, smarting because "when gods die, they die hard." During the days remaining until holiday break, Mrs. Bigio is especially cantankerous; her cafeteria cooking is unappetizing at best, and her comments to the students are impatient and unkind. Holling, remembering Mrs. Bigio's sadness when she received the news of her husband's death, does not complain, but he is bewildered at the sheer desolation he witnesses when Mrs. Bigio bitterly tells Mai Thi that she "shouldn't even be here...a queen in a refugee home while American boys are sitting in swamps on Christmas Day." After school on the last day before break, Mrs. Baker gives Holling, Danny Hupfer, and Doug Swieteck each a new baseball and mitt, and sends them to the gym, where, to their delight, they meet Joe Pepitone and Horace Clark in their Yankee uniforms, and receive tickets to Opening Day at the Stadium. Mrs. Baker's family knows what happened with Mickey Mantle, and wants to make it up to the boys. The next day, President Johnson declares a Christmas ceasefire in Vietnam, and the holiday season begins in earnest.Create question using the folowing text: British people are big tea drinkers. It is a tradition in Britain to drink tea for different occasions and reasons. People have it for breakfast, for when guests visit, and for tea breaks at work. People even "have a cuppa" when they talk about their personal problems. However, research from The Tea Group shows that herbal, fruit and other teas have become more popular than traditional English breakfast tea. Researchers conducted a survey of more than 2,000 tea lovers. Over half of people said their favourite tea was not the traditional variety. Over a fifth of people chose green tea as their favourite brew. Just over 20 per cent said Earl Grey was their number one. Sales of traditional tea in the U.K. have been declining. Three years ago, a survey found that 54 per cent of Britons preferred English breakfast tea. The new research shows that breakfast tea is likely to continue to decline in popularity. The researchers found many other things about tea-drinking habits in the U.K. The biggest reason for drinking tea was to relax. A quarter of Britons drink up to 10 cups a day. Brits seem to love milky and sugary tea. Around 85 per cent of people who drink Earl Grey and English breakfast put milk in it. Nearly 45 per cent of people sweeten their tea with sugar. Amazingly, people with a sweet tooth put three teaspoons of sugar in their cup.What is the page mainly about? (Answer: C — Homes meet a basic need) A) House colors B) Old buildings C) Homes meet a basic need ✓ D) Travel What basic need do homes give? (Answer: B — Shelter) A) Food B) Shelter ✓ C) Clothes D) Money What does “basic need” mean here? (Answer: C — Something people must have to live) A) Something nice to have B) A school rule C) Something people must have to live ✓ D) A weekend plan Homes keep people ______ and ______. What are the two words from the page? (Answer: B — dry / safe) A) rich / tall B) dry / safe ✓ C) loud / fast D) clean / funny What else are homes for, according to the text? (Answer: B — Eating, sleeping, and being with family and friends) A) Shopping B) Eating, sleeping, and being with family and friends ✓ C) Driving D) Fighting What does the heading “Meeting our needs” tell you? (Answer: B — explains how homes fit the local climate) A) A joke is coming B) This part explains how homes fit the local climate ✓ C) It is a story D) It lists prices What does “climate” mean on this page? (Answer: C — the usual weather of a place) A) Yesterday’s forecast B) A big storm C) The usual weather of a place ✓ D) Room temperature Which roof is best for cold, snowy places? (Answer: D — Slanted) A) Flat B) Dome C) Glass D) Slanted ✓ Why is a slanted roof helpful in snowy places? (Answer: B — snow slides off more easily) A) It is cheaper B) Snow slides off more easily ✓ C) Birds like it D) It is quieter Why do many houses in hot places have many windows? (Answer: B — to let air move through and keep people cool) A) To block all light B) To let air move through and keep people cool ✓ C) To make walls heavy D) To reduce street noise Which detail best supports “climate changes home design”? (Answer: C — Hot → many windows; Snowy → slanted roofs) A) People like blue walls B) Kitchens are big C) Hot → many windows; Snowy → slanted roofs ✓ D) Cities are crowded What does the caption about a traditional Japanese house show? (Answer: C — People sit on mats on the floor to eat) A) People eat outdoors B) Families don’t eat together C) People sit on mats on the floor to eat ✓ D) People stand to eat Which sentence is LEAST connected to the main idea of the page? (Answer: D — Blue walls are relaxing) A) Homes protect people from weather B) Roofs can change with climate C) Windows help rooms stay cool D) Blue walls are relaxing ✓ Which text structure organizes the right paragraph? (Answer: C — Cause–effect) A) Timeline B) Problem–solution C) Cause–effect ✓ D) Description only What is the author’s purpose? (Answer: B — to explain how homes meet a human need) A) To sell houses B) To explain how homes meet a human need ✓ C) To tell a funny story D) To give building laws What can you guess about a flat roof in a snowy place? (Answer: B — snow can pile up and be unsafe) A) Best choice B) Snow can pile up and be unsafe ✓ C) Always cheaper D) Warmer in summer Which page feature helps you find ideas quickly? (Answer: C — Headings and photo captions) A) Rhyme B) Dialogue C) Headings and photo captions ✓ D) Footnotes Which sentence is the best summary of the page? (Answer: C — Homes give shelter; designs change with climate) A) Houses are beautiful in winter B) People prefer bright colors C) Homes give shelter; designs change with climate (slanted roofs, many windows) ✓ D) Windows are the most important part True/False or Short Answer (5) True/False: All homes have the same purpose, even if they look different. (Answer: True) True/False: In hot places, houses usually have fewer windows to keep heat in. (Answer: False — hot places → many windows for airflow/cooling) Short Answer (1–3 words): Homes provide shelter to keep people _____ and _____. (Answer: dry; safe) Short Answer (one example): Write one climate → design pair from the page. (Answer: cold/snowy → slanted roof OR hot → many windows) True/False: The photo shows people in Japan eating on mats on the floor. (Answer: True)Long Call Option Trading Strategy: Learn the Basics LONG CALL SUMMARY Purchasing a call option is a bullish strategy that gives the buyer the right, but not the obligation, to buy 100 shares of the underlying asset at a specified strike price on or before the expiration date. This strategy is typically employed when an investor believes that the price of the underlying asset will increase in the future. The value of a call option is influenced by several factors, including the underlying asset's price, the strike price, the time to expiration, and implied volatility. As the price of the underlying asset increases and approaches or breaches the long call's strike price, the option's value will appreciate. This is because the option holder has the right to buy the underlying asset at a lower price than the current market price, resulting in a potential profit. Out-of-the-money (OTM) calls have a strike price that is higher than the current market price of the underlying asset. These options are typically cheaper than in-the-money (ITM) calls, which have a strike price lower than the current market price. ITM calls have intrinsic value, which is the difference between the strike price and the current market price, and extrinsic value, which is the additional premium paid for the option's time value. Extrinsic value decays over time as the option approaches expiration, and this can cause the option to lose value, especially if the underlying asset does not move towards the strike price. LONG CALL OPTION Purchasing a call option grants you the privilege, but not the responsibility, to buy 100 shares of the underlying asset at the specified strike price on or before the expiration date. This option grants you the flexibility to capitalize on potential price increases of the underlying asset. The value of a call option is positively correlated with the price of the underlying asset. As the price of the stock or ETF rises and approaches your strike price, the value of your call option increases. This is because the difference between the market price and the strike price widens, giving you a greater potential profit. This characteristic makes call options suitable for bullish strategies where investors anticipate price increases. Conversely, the value of a call option diminishes when the price of the underlying asset drops or remains constant. Time decay, which refers to the gradual loss of an option's value as its expiration date approaches, also contributes to the depreciation of call options. Over time, the intrinsic value of the option, which represents the difference between the strike price and the underlying asset's market price, decreases as the option nears expiration. Additionally, if the price of the underlying asset remains below the strike price, the option may expire worthless, resulting in a total loss of the premium paid. Understanding these dynamics is crucial when trading call options. It allows you to make informed decisions about when to enter and exit positions, taking into account factors such as the underlying asset's price movements, time decay, and market sentiment. Buying call options can provide an alternative strategy to gain long exposure to a stock's price movement without the need for purchasing shares directly. This approach, known as a long call position, offers the potential advantage of lower capital outlay compared to buying shares outright. However, it's crucial to understand the concept of time decay, which significantly impacts the value of long call options. Time decay refers to the gradual decrease in the value of an option as time passes. This phenomenon occurs due to two primary factors: theta and vega. Theta measures the rate at which an option's value decays over time, while vega measures the sensitivity of an option's price to changes in implied volatility. As the expiration date of the call option approaches, both theta and vega work together to erode the option's value. Consequently, to offset the impact of time decay, the underlying stock price must rise at a greater velocity towards the call option's strike price. This is because the intrinsic value of a call option, which represents the difference between the strike price and the underlying stock's current market price, increases as the stock price moves higher. Another important consideration when evaluating call options is the distinction between out-of-the-money (OTM) and in-the-money (ITM) calls. OTM calls have a strike price higher than the current market price of the underlying stock, while ITM calls have a strike price lower than the current market price. OTM calls are typically less expensive than ITM calls because their value is composed entirely of extrinsic value. Extrinsic value refers to the portion of an option's price that is not attributable to its intrinsic value. ITM calls, on the other hand, have both intrinsic and extrinsic value, resulting in a higher cost per contract. As time relentlessly marches forward, the value of call options undergoes a transformation. The extrinsic value, which represents the premium paid for the potential of future price movements, steadily diminishes as expiration approaches. This decay is universal, affecting all call options regardless of their initial strike price or distance from the underlying asset's current price. However, amidst this gradual erosion of extrinsic value, ITM (in-the-money) call options stand as an exception. These options retain their intrinsic value at expiration, which is the difference between the strike price and the underlying asset's price. This characteristic sets ITM call options apart from their OTM (out-of-the-money) counterparts, whose extrinsic value decays entirely to zero near or at expiration. The distinction between ITM and OTM call options underscores the significance of carefully considering both the time frame and strike price when making investment decisions. Traders seeking to maximize their potential gains through call options must be mindful of the impending decay of extrinsic value as expiration draws near. For long ITM call options, the ideal scenario is for the underlying asset to exhibit a significant upward movement. Such a price increase would enhance the intrinsic value of the option, making it worth more at expiration than the initial purchase price. This scenario holds true for OTM call options as well, as they require the underlying asset to move ITM at expiration to possess any value. Prior to expiration, both OTM and ITM call options have the potential to gain a combination of extrinsic and intrinsic value if the stock exhibits a rapid upward trajectory. This dynamic underscores the importance of monitoring market conditions and adjusting investment strategies accordingly. Understanding the Interplay of Time, Strike Price, and Option Value in Call Option Trading: In the realm of call option trading, comprehending the intricate interplay between time, strike price, and option value is paramount to success. These three factors collectively shape the dynamics of call option contracts, allowing traders to make informed decisions and capitalize on market opportunities. Time (Days to Expiration): Time, measured in days until expiration, is a crucial element in call option trading. As expiration approaches, the value of a call option is directly influenced by the time premium. The closer an option gets to expiration, the less time value it holds. This time decay accelerates in the final days leading up to expiration. Therefore, traders must carefully consider the time factor when selecting their expiration dates. Strike Price: The strike price represents the predetermined price at which the underlying asset can be bought (in the case of a call option) or sold (in the case of a put option). When choosing a strike price, traders must assess the current market price of the underlying asset and make an educated guess about its future direction. ITM (In-the-Money) call options are those with a strike price below the current market price, while OTM (Out-of-the-Money) call options have a strike price above the current market price. Option Value: Option value refers to the premium paid by the buyer of an option contract to the seller. This premium comprises two components: intrinsic value and time value. Intrinsic value is the difference between the strike price and the underlying asset's current market price. Time value, as mentioned earlier, is the premium paid for the remaining time until expiration. Auto-Exercise and Expiration Scenarios: Auto-Exercise: Long call options that expire ITM by $0.01 or more will be automatically exercised. This means that the buyer of the call option has the right to purchase the underlying asset at the strike price. If the investor holds only a long call, this will result in 100 long shares per contract purchased at the call option's strike price. On the other hand, investors holding the corresponding short shares will cover or buy shares at the call option's strike price. Expiration Worthless: Any long call options that expire OTM will expire worthless. In this scenario, the investor loses the entire premium paid for the contract, resulting in a maximum loss. Understanding these concepts is instrumental in developing effective call option trading strategies. By carefully considering the interplay between time, strike price, and option value, traders can position themselves to make profitable trades and minimize potential losses. PROFIT & LOSS DIAGRAM OF A LONG OTM CALL A long OTM call option can be profitable if the current market value of the option exceeds the price paid to purchase it. This can occur in two main scenarios: Stock Price Surpasses Strike Price: If the underlying asset's price rises above the strike price of the call option by more than the premium paid for the option, the call option becomes profitable. This is because the intrinsic value of the call option (the difference between the strike price and the underlying asset's price) becomes positive, and the call option can be exercised to purchase the underlying asset at a price below the market price. OTM Call Moves Closer to Underlying Asset Price: Even if the underlying asset's price does not reach the strike price, a long OTM call can still be profitable if the option's price increases. This can happen when there is a quick rally in the underlying asset's price, causing the call option's price to increase as well, even if the strike price is not reached. This is because the time value of the call option increases as the expiration date approaches, and the call option becomes more likely to be in the money. However, it's important to note that long OTM call options can also result in losses if the underlying asset's price does not surpass the breakeven point. The breakeven point is the price at which the call option's intrinsic value becomes equal to the purchase price of the option. If the underlying asset's price remains below the breakeven point until expiration, the call option will expire worthless, and the investor will lose the entire amount paid for the option. The maximum profit potential of a long OTM call option indeed has no theoretical limit, as a stock's price can theoretically rise indefinitely. This means that if the underlying stock price increases significantly, the call option holder can potentially reap substantial profits by exercising the option and buying the stock at the predetermined strike price. On the downside, the maximum loss on a long call option is limited to the premium paid for the option. This premium represents the total amount invested in the option contract and acts as a protective barrier against further losses. If the stock price declines or stays below the strike price at expiration, the option will expire worthless, and the investor will lose the entire premium paid. The flattened red loss zone in the diagram illustrates this limited loss potential. This zone represents the range of stock prices below the strike price at expiration where the option holder will lose money. The loss amount decreases as the stock price approaches the strike price and becomes zero when the stock price equals the strike price. Beyond the strike price, the option holder starts to make a profit. It's important to note that while the maximum profit potential is theoretically unlimited, it is highly unlikely for a stock price to rise dramatically within the short timeframe of an OTM option's expiration period. Therefore, while the potential rewards can be significant, the probability of achieving them is relatively low. PROFIT & LOSS DIAGRAM OF A LONG ITM CALL ITM (In-the-Money) options have a unique characteristic where the price of their intrinsic value directly correlates with the underlying asset's price. This means that for every one point movement in the underlying asset's price, the ITM option's intrinsic value moves by the same amount. While purchasing an ITM option provides immediate intrinsic value, it does not guarantee profitability upon execution. Similar to buying an OTM (Out-of-the-Money) call option, the purchase price of an ITM call must increase for it to be profitable. This requires the stock price to move further above the call strike price. This relationship is visually represented in the diagram, where the red and green zones converge on the x-axis. The maximum potential loss on a long call option is limited to the debit paid for the option, which is represented by the flattened red area in the diagram. This means that the most an investor can lose on a long call is the premium paid for the option, regardless of how far the underlying asset's price moves below the strike price. Understanding the price dynamics and potential risks associated with ITM options is crucial for traders and investors. While ITM options offer immediate intrinsic value, careful analysis and consideration of market conditions are necessary to determine their potential profitability. EXAMPLE OF A LONG OTM CALL OPTION XYZ currently trading @ $45 Buy to Open +1 XYZ 50-strike call @ $4 debit Cost: $4 debit ($400 total, ($4 x 100 shares)) Time Decay Affect Works against the option’s value Max Profit Theoretically unlimited Max Loss Debit paid per contract ($400) Breakeven Price (at expiration) Strike price + debit paid ($54) Account Type Required Cash, Margin, and IRA EXAMPLE OF A LONG ITM CALL OPTION XYZ currently trading @ $45 Buy to Open +1 XYZ 40-strike call @ $7 debit ($5 intrinsic value + $2 extrinsic value) Cost: $7 debit ($700 total) Time Decay Affect Works against the option’s value Max Profit Theoretically unlimited Max Loss Debit paid per contract ($700) Breakeven Price (at expiration) Strike price + debit paid ($47) Account Type Required Cash, Margin, and IRACreate a quiz where you describe aspects of Alex's appearance and background, and students have to guess which character you're talking about. For example, "This character has brown hair and wears a black t-shirt. Who is it?" This activity tests students' comprehension of the character's description.