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

AMZN 233.22

+1.8%

Nov 28 9:30 AM EST

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To: M. Frank Greiffenstein who wrote (21599)	10/15/1998 12:26:00 AM
From: Jan Crawley	Read Replies (1) of 164684

Hi Doc, the way I see it, 500 Nov 75 call contracts at an average of $24 premium = $1.2million. Process of elimination: 1. Current OI is only 22, therefore, this is an "open", not closing. 2. Why paid $1.2M to "buy" Nov. 75 calls. Much higher strike prices are used for call speculation. 3. If Amzn drops $20 in the next few weeks, the calls can be closed for more than $500K profit easily. Conclusion, someone sold the 500 uncovered calls for $1.2M today. Hmmmmm.....I am thinking about following the smart money myself.:))) Pending order to write 2 or 3 Nov 75 calls tomorrow and ask $25 too!

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