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Strategies & Market Trends : Waiting for the big Kahuna

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To: donald sew who wrote (26102)	9/2/1998 1:30:00 AM
From: James C. Mc Gowan	Read Replies (1) of 94695

Don: Looked over the NH/NL for 8/31: my newspaper lists 17 NH's for Monday and it appears that 14 of these were Utility stocks. Today I noted with the rally, Utilities were weak most of the day and finished near even. Also, there were 3 more major Wall Street institutions reporting large trading losses for the past few months(derivatives, Russia, et al.) after the close tonight,and yesterday SolomonSB reported $360M in losses; end of last week CS Boston said they lost $250M; Moneyline tonight added up $1.5B in short term losses for these firms reported the past few days. Lately been buying into bear funds, e.g. BEARX and Rydex URSA and buying some Sept puts on OEX. Could have taken some profits on puts Monday, but decided to hold on for a while longer. I see your analysis points to Sept 4 +/- for a turn down again. Will you be looking to buy Sept puts on any short term move toward the 8095 containment area, or what do you think about Oct/Nov OEX puts, even though premiums are always higher than near term. Thanks again for your help. vocex

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