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To: smolejv@gmx.net who wrote (4406)	10/20/1998 1:55:00 PM
From: Gersh Avery	Read Replies (1) of 11051

DJ "what be this bleating I hear in mine ears?" A plan could be ... Once the VIX hits < 25 Purchase 1x SPX out of money puts @ closest strike that can be purchased for $1. When the next higher strike drops to $1 buy 2x. If the next higher strike drops to $1 buy 4x. Each purchase matched with a limit sell order of $2. When the first sell order hits sell all of the balance of puts. When the pullback takes place the VIX will bounce back up. Target gain ~%125 FWIW Gersh

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