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Technology Stocks : Ascend Communications (ASND)
ASND 205.50-1.5%Dec 5 9:30 AM EST
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To: Spaw who wrote (52006)8/13/1998 1:44:00 PM
From: Jan Crawley  Read Replies (1) of 61433
 
Today the AMEX MMs bought 1000 Dec. 50 puts and sold 1000 Dec.50 calls. That is a bearish trade and the MMs are usually right.
Also, there is heavy action in the Sept. 40 puts: over 4000 traded.

Hi Spaw,

Re - the 1000 Dec call/put; the max gain for the "straddle" is Asnd $50 on 12/98; with $62 and $38 respectively as the Top/bottom risk. This represents only 100K shares, not necessarily bearish??

Re - the Sept 40 puts, a corresponding number of Jan 2000 30 puts was written; both opened yesterday. The premium paid for the Sept. puts was 13/16, and the premium received for the Jan 30 was $2 3/8.
This may just be a "no cost" conservative hedging.

I am long Asnd, please feel free to comment.
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