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To: Jerry Olson who wrote (27706)	7/21/1999 11:35:00 AM
From: Riskmgmt	Read Replies (1) \| Respond to of 50167

Jerry: Nite broke 50(double bottom) I decided to sell calls against my long. If it breaks down further I will go naked calls or buy puts. how you doing? Ray

To: Jerry Olson who wrote (27706)	7/21/1999 12:07:00 PM
From: IQBAL LATIF	Read Replies (1) \| Respond to of 50167

If we break supports it would be just a test of 1358 level or 10516-- for long term integrity of this market we need the self adjusting mechanisms.. these sell offs reaffirm to Fed that markets can write off huge mountain of exuberance by exercising self retraint.. I see solid marekts and healthy marekts good earnings, self adjusting mechanisms to clear off hypes. Oils is one example we can see over drive but finally the realisation dawns that above 20.55 $ buy stops could not be triggered, CRB is still sititng at low, I see one another factor that is $ weakness, it is actually strength of Euro on back of German IFO number showing the Germany is coming out of severe recession. $ weakness viv a vis euro and yawning trade defecits alongwith perception of planes falling from skies in 2000 will lead to 'inflation' talks and softness of markets. However I expect reiteration of lot of buys and restatement of earnings targets as well as SPU targets by analysts..

To: Jerry Olson who wrote (27706)	7/21/1999 1:10:00 PM
From: kha vu	Read Replies (1) \| Respond to of 50167

<<<Bonds are modestly lower in early U.S. trading. S&P MMS says the market is weaker as the dollar continues to weaken and S&P futures hold near unchanged along with the Washington Post article suggesting the Fed was split on the neutral bias. One dealer has sold 5,000 bond contracts so far this morning and sources note that from a very short term perspective, the market is vulnerable to liquidation by weak longs. However, traders are looking for activity to settle down fairly quickly. >>>