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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Michael Bakunin who wrote (75950)	2/15/2000 11:57:00 PM
From: Zeev Hed	Read Replies (2) \| Respond to of 132070

Michael, from where I stand, March puts on RMBS (at least those 105) may not be "productive" unless RMBS' momentum is broken (a closing under $120 or so). I do not think that more than 30% of the short position has capitulated yet, so you can expect covering support to develop for the short term every time RMBS gets back to the break out point (about $117, the old high). That may require a few trips, particularly if a new crop of shorts came to the table in the $120 to $150 range, and thus the March puts may be too early a strike date. Zeev