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To: Jim Willie CB who wrote (1410)	1/27/2000 12:06:00 PM
From: marginmike	Read Replies (2) \| Respond to of 35685

Jim I see 118 as the do or die spot if we hold we should bounce back to 130's after overall market pulls back. I sold or hedged in 130's will start reenter @ 120 and add as it goes down. If we dont hold 118 we will see south of the mendoza for at least a short stint. I like selling puts in here a year out. If you sell the 120's at 30 you will need to be 90 or better in 1 full year. Seems like a good bet, 90 would be 70PE on trailing earnings. I plan to sell 400-500 puts if we get close to 118 and hold.