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To: Lee Lichterman III who wrote (64583)	2/4/2001 8:19:27 PM
From: mishedlo	Respond to of 436258

If we gap up hard on Monday, which I do not believe, the bears will be all over it in about 30 seconds. On a gap up, I see no reason to close PUTs (except for panic and the initial uncomfort). A very hard gap down is another story, that could cause a one day rally, and a hard gap down I might prematurely sell my PUTs, as it could just keep dropping further. That hard gap down is what I fear the most as it could be a double whipsaw. Down-up-down in a day. I am actually hoping for a flat to slightly up or slightly down open to evaluate. If we get a reasonably flat open, I believe we will just do another slow steady decline like Friday. That is exactly what I want. No fear, dipsters buying all the way, with another poor (for the bulls) close. M