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To: Lucretius who wrote (26099)	3/18/1999 8:01:00 PM
From: Oblomov	Read Replies (3) of 86076

An options-related question that probably has an obvious answer: I noticed the following options activity today: Underlying Type Strike Exp Volume Closing Price DIS Call 25 Jan 00 12,000 12.25 DIS Call 25 Apr 99 12,000 10.5 FRE Call 45 Jan 00 9,112 17.75 FRE Call 45 Apr 99 9,110 15.25 SBC Call 37 Jan 00 8,364 15.5 SBC Call 35 Apr 99 8,355 16.75 It appears to me that someone is buying the Jan 00 calls and selling the Apr 99... These are big bets, so what is the entity buying these spreads expecting the price will do? Drop down to or below the strike by April expiration? Why these securities? Thanks... AA

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