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Strategies & Market Trends : The picks

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To: Leland Charon who wrote (2115)	1/17/1997 8:13:00 AM
From: Patrick Slevin	of 6124

OEX Puts. Hard Question. What strike/month are they? Personally, I think the OEX closes around 755 today. The last hour should start with a selloff then a strong rally with an extra OEX point or so on a late tape. The conservative/smart play would be to own Feb in the money puts somewhere around today's high and look to make to make a profit Tuesday. I think today's high will be around 6790 or 6810. A real stretch would be 6825...but if so, I would expect that only in the first hour or so. Personally l don't commit to holding OEX contracts longer than a day, 2 days. The market looks to me like it's going to turn flat to soft. But I'm sure Kevin will get more specific when he looks at it.

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