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To: Thomas G. Busillo who wrote (47214)	7/16/1999 5:07:00 PM
From: John Graybill	Respond to of 53903

There are just too many variables involved to add them up, even on a day-by-day basis with the price in mind. For example, the trade I mentioned earlier, buying July 42 1/2 puts and selling July 40 puts, means I was thinking it would close below 42 1/2, and anything below 40 didn't matter. But that would show as Open Interest for both options, without really giving a true indication of my intentions. For that matter, a bullish play -- buying the July 40 puts and selling the July 42 1/2 puts, betting that they both expire worthless on a close above 42 1/2 (leaving some cash in your pocket), would yield the same Open Interest. Or I could have bought 'em both, or shorted 'em both, of course. When the same data can imply two perfectly opposed intentions, then it's not useful at all.