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To: Glenn D. Rudolph who wrote (71903)	8/5/1999 12:33:00 AM
From: mogwai8myball	Read Replies (1) \| Respond to of 164684

Re: What do they have against LVLT? Glenn, this is optioninvestor's put recommendation on LVLT (this is from Tuesday. they've had the recommendation out for at least a week): LVLT $51.69 -1.50 (-2.00) Once again the market has been conducive to put buying this week. After the broad markets rallied for most of the day on Monday, the sellers came back in full force to end the day lower. This was very similar to what we saw in LVLT trading too. The stock went back above the $54 level which was unsettling for our play but in the end, it was just another entry point. The stock fell on Tuesday as well and hit an intraday low of $50.19. All of this came despite positive news from the company on Monday. They announced they were buying a state-of-the-art building in New York City to keep up with growing demand. The news of strong growth is no surprise. LVLT has been talking up their growth along but it is still not enough to alter the current trend. The stock is lacking any technical support at this level which may be why it was recommended as a short play in another economic newsletter this past weekend. This is just another positive development for our play. Remember to use stops because momentum can change on a dime.

To: Glenn D. Rudolph who wrote (71903)	8/5/1999 12:40:00 AM
From: mogwai8myball	Respond to of 164684

This put recommendation on LVLT is a bit more expansive. From last Sunday: LVLT - Level 3 Communications $53.00 (-5.06)(-8.94) Level 3 Communications is a communications and information services company that is building an international advanced Internet Protocol network. Level 3 offers local and long- distance plus Internet service over leased network capacity in the US and Europe. The network will be the first international communications network to use IP technology end-to-end. It also offers computer operations outsourcing and owns stakes in telecom companies such as RCN and Commonwealth Telephone. Every time this stock tries to stand up and mount a rally the sellers come back in and pull the rug out from under LVLT. It has been unable to mount any lasting rally and it doesnt appear to be over yet as Level 3 ended Friday right near the day low. We mentioned on Thursday that $54 is still the critical level and it would confirm direction for our play if LVLT stayed under that price, well we got our wish. It rallied early Friday and looked like it may hold $54 but around 3:00 EST the support gave may and we plunged lower. The market didnt help LVLT any either as the DOW sunk to end the day near the lows but then again, the tech-heavy NASDAQ was down less than 2 points. We see more downside ahead for LVLT even though some indicators are suggesting the stock may be oversold here. Its always good to use caution but LVLT is lacking any real support at this level. The market is also still looking weak and until the broad sentiment changes, Level 3 is likely to follow it down. It's very important that you confirm LVLT's direction on Monday if you are starting a new play. Now that it has broken through $54, that level should become overhead resistance. BUY PUT AUG-55*QHN-TK OI=610 at $4.63 SL=2.75 BUY PUT SEP-50 QHN-UJ OI=342 at $2.06 SL=1.00 Average Daily Volume = 977 K