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Pastimes : Ask Mohan about the Market

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To: Simon who wrote (13035)	1/13/1998 8:34:00 PM
From: Jack Clarke	Read Replies (1) of 18056

Simon, >>Options close friday and I think stocks are being moved around so Options writers don't get hurt. Comments??? Perhaps, but there are a lot more Jan OEX calls than puts. Overall, about 129,000 puts to 176,000 calls (rough) or about 0.6 P/C. For what I call "hopeful" options, the first three strikes out of the money, the ratio is almost two to one calls to puts, or P/C of 0.5. So it would seem that a lot more people are making bullish bets than bearish ones for the brief (gamma) period left in the Jan expiration. What does it mean? Beats the h*ll out of me. I'm still hanging onto a few Jan 460 puts (paid for by earlier sales) as a lotto ticket, but this mania has sure overcome my powers of reasoning. It may sound like it's coming from a poor loser, but I really am beginning to believe in that "Plunge Protection Team". Jack

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