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To: Jack of All Trades who wrote (68336)	10/12/1999 6:51:00 PM
From: pater tenebrarum	Read Replies (2) \| Respond to of 86076

Jeff, my firm belief is that all these derivative games will ultimately be the downfall of this market...as it is, the market is keyed off by derivatives strategies all the time, be it delta hedging with options or program trading with futures. it seems f*ck all is happening anymore due to good old-fashioned fundamentals. all these naked option writing strategies are extremely risky...they work for 11 months out of 12 and the two weeks during which they cease to work are often enough to destroy the risk takers...i believe that the vast amount of outstanding options and futures contracts of all stripes (listed and OTC) represent vast systemic risk...which is why the Fed will definitely try to intervene in a market melt-down.