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To: Knighty Tin who wrote (430)	8/10/1996 6:34:00 PM
From: Enroff	of 132070

Mike in addition the CPQ Jan 45 put at 1 1/4 there are Jan 50 at 2 1/8. The Jan 50 will give a higher return at expiration for any closing price of CPQ above 37 7/8. The delta for the 50's is higher so you will have a higher return at the start of the drop. And since you will roll down as the price drops the 50's seem to be a much better buy. Appreciate you on SI and Prodigy Steve

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