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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Piotr Koziol who wrote (84692)	9/12/2000 12:09:05 PM
From: Harry Landsiedel	Read Replies (1) \| Respond to of 97611

Piotr & thread. Re: "Institutional ownership". Institutions have been increasing their ownership of CPQ. See the URL below for details: insidertrader.com Institutional ownership has gone from 39.4% 3Q ago to 47.9% in the latest quarter. Fidelity has purchased $20 million in the last quarter. HL

To: Piotr Koziol who wrote (84692)	9/12/2000 12:19:05 PM
From: Night Writer	Respond to of 97611

Piotr Koziol, It does appear we are heading for a $30 area options expiry. However, CPQ blew the Max Pain point away last month. A point of interest for Oct options. Open interest for the Oct 30 calls is 21,887, and the Oct 30 put open interest is 23,480. A little unusual for put open interest to be higher then call open interest. That should make the Max Pain Point for October rather interesting. NW

To: Piotr Koziol who wrote (84692)	9/12/2000 2:04:38 PM
From: Andreas	Respond to of 97611

To Piotr; Given the fact that maximum paint point analysis for the immediate month has an 80% probability of being correct I guess you could say we have an 80% chance of closing at 30 or below. However, having said that there is still that 1/5 chance that it will close above 30. And that probability increases the closer we get to expiration date. Therefore, since we are only 3 days away from expiration i would not hesitate to conclude that this month is going to be one of those 1 out of 5 months when the maximum pain point analysis is incorrect.