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To: pater tenebrarum who wrote (50785)	12/22/2000 2:04:14 PM
From: Grandk	Read Replies (2) \| Respond to of 436258

Interesting. It would appear that many bulls are stuck with smaller portfolios, so options have become much more attractive. This would lead to smaller rallies because premiums on the calls diminish so quickly and every bull is now incensed between not losing any more money and finding the exact bottom. This should help speed up the bottoming process. With every downturn, one more high risk portfolio is cleaned out. Some of these guys have been "averaging" down with calls from very lofty prices. Mucho pain.