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Strategies & Market Trends : Steve's Channelling Thread -- Ignore unavailable to you. Want to Upgrade?

To: Zeev Hed who wrote (17080)	6/5/2001 11:52:26 PM
From: mishedlo	Read Replies (1) \| Respond to of 30051

Zeev, what do you make of the open interest in MSFT JUN calls? Enormous. IBM similar but not as robust by a long shot. CBOE just cleared the data but I did manage to write dowm MSFT. Rounded numbers JUN 65 Calls 14,000 JUN 65 Puts 19,000 Jun 70 Calls 75,000 Jun 70 Puts 58,000 Jun 75 Calls 88,000 Jun 75 Puts 27,000 Jun 80 Calls 23,500 Jun 80 Puts 700 Clearly pain (which has not worked very well lately) is at 70. But there are huge bets on the long side on 75's and 80's. Absolutely nuts. I cannot believe the 80's are covered calls as who would risk their stock for 10 cents. Sell of naked calls for 10 cents does not make any sense either. The only conclusion one can arrive at is someone intends to jam this SOB to 80 in a couple weeks. QQQ puts will not be a pretty sight if that happens. Can this much volume be J6P? Hedge long term QQQ PUTs with MSFT or QQQ calls? M