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To: Alok Sinha who wrote (17443)	6/29/1999 4:18:00 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 64865

Alok, I also closed the puts I wrote last week and I will initiate bearish spread tomorrow AM. This market will rally also tomorrow but then it will correct substantially. Those puts that I wrote and are below $1, I left to buy puts at one strike higher -e.g if I wrote $60 put at $2 and it is now 3/4 I will buy the 65 put tomorrow, (hopfully for $2 <G>) The signal the market is sending to the FED is - we do not care about restrained monetary policy, which will induce the FED to raise more rates. The FED needs those raises to be able to contain severe market correction like in Sept. 1998. IMHO if you sold calls, keep the puts at least until after mid next week. BWDIK Haim