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To: Jeffrey Beckman who wrote (10331)	10/20/1999 4:44:00 AM
From: Thean	Read Replies (1) \| Respond to of 14427

Jeff, I would buy Dec call rather than Nov. The idea is to trade it and not hold on till expiration. If you look at any of the charts of the big drugs, it is pretty telling that they move very much in sync with the long stochastics - at least for the past 4 months. So even on the verge of a breakout here, I think they will not break from the cyclic pattern. The reason for Dec call is its 50% discount in time erosion versus versus the Nov call if one were to buy now. The group moves in a pack and PFE is the big daddy. If PFE can break out of its consolidation pattern, others will follow. MRK reports in a few days as well. The risk (small) is a continuation of an overall market correction, taking down everything with it. But the drugs should be the most immuned in a rising rate environment.