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To: IQBAL LATIF who wrote (29945)	12/7/1999 1:09:00 PM
From: jim kelley	Read Replies (2) \| Respond to of 50167

IQBAL, SPX is now at 1414, so it looks possible we will get a close much lower than the 1428 number that you have cited. What other important indicators may signal a break to lower valuations. I have been expecting a correction based on the length of the recent run up in prices. I am also wondering if the correction will be lead by SUNW, CSCO, EMC, QCOM etc. QQQ has not made any progress since Thursday. Regards, Jim Kelley

To: IQBAL LATIF who wrote (29945)	12/7/1999 10:01:00 PM
From: MeDroogies	Read Replies (2) \| Respond to of 50167

Looks like you may have gotten hammered today on those YHOO puts....I'm thinking of purchasing a few myself, now. Today's action was ridiculous, silly and uncalled for. A 1,400 PE??????? Heavy short covering, I'm guessing. Any opinions on CPQ these days, it's showing some good strength. Got in at 24, then again at 19. Now holding some Jan 32 calls. Also, I mentioned ASPT a while back when it was at 11. It's now at 39 and looking very strong. Excellent position in the CRM space that ORCL and LU are trying to leverage into. MSFT is one of their major partners. I still think MSFT may buy them out. Looks like a solid 100 at this time in a year. Any thoughts?