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Technology Stocks : Cisco Systems, Inc. (CSCO)

CSCO 73.87

-0.1%

Jan 9 9:30 AM EST

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To: Monty Lenard who wrote (44574)	12/15/2000 9:46:16 AM
From: James F. Hopkins	of 77400

Monty ; Short term the MAX pain point is well above where we will close. That means the PUT buyers make money on this ex how ever when ever it expires where the Max pain is strong the next week it tends to reverse. A lot of stocks were shorted by commercials who also sell puts, when those puts trigger it closes their shorts. -------------- It's like Short then sell puts to close at a target they hate to buy the puts back. But would prefer to short again if they see more downside , they most always sell puts and have buy stops on the shorts that are against the puts in the event the market does move up they just cover and keep the premo. If it moves down the cover is automatic, like it will be cause covering this time tomorrow when the assingments are made. Most times it works that way when MAX pain is way off at ex date..if when CALLS win big in such cases the next week falls. In short a lot of shorts will be covered when the market is closed tomorrow, unless we rally today which I doubt. Jim

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