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To: Trader X who wrote (5715)	5/16/1997 5:53:00 PM
From: Andrew Vance	of 17305

AV--PAIR--I very rarely go out on a limb but I will now. What has happen to PAIR is a big mistake. This is the best candidate for a dead cat bounce that I will ever see. I could be wrong but this is a gross overreaction. This is NVLS all over again. For the patient, it will pay off. For the impatient, buy a few calls, Oct 22.5 or Oct 20 and sit on them. Do not buy any more calls than you would have purchased stock long. Use the remaining funds wherever your research tells you to go. Patrick - I unloaded the 750s at the open and bought the 825 puts for June. Andrew

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