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Technology Stocks : Amazon.com, Inc. (AMZN)

AMZN 230.50

+0.4%

1:23 PM EST

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To: IMPRISTlNE who wrote (12093)	7/30/1998 10:00:00 AM
From: Ben Antanaitis	Read Replies (1) of 164684

IMPRISTINE, Thank you for the note and the compliment. There is a reason I replied in almost knee-jerk fashion. Almost daily, I get email from folks telling me they are about to jump into options strategies based on their readings of my Max-Pain graphs. I always reply to them asking them to think twice, three times and then think it over again before they risk anything. And I tell them that Max-Pain is an evolving study and that I never give investment advice. In that light, I think it is healthy to have months like last month. It should be noted that the divergence between Max-Pain point and the stock price on expiry day was not restricted to AMZN. Most of the issues in the study, due IMO to earnings reporting month and the general internet frenzy, had stock prices several strike price higher than the Max-Pain point. I observe that, in most of those cases, almost all of the PUTS expired worthless. In today's market environment, many 'joe-bag-a-doughnuts' investors are writing covered calls, yet the MMs are almost exclusively the writers of the PUT contracts. Ben A. ez-pnf.com

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