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To: yard_man who wrote (171900)	6/11/2002 4:19:11 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

tippet I am writing put and calls against my EUR holdings. At for few weeks while I am tilted bearish on the EUR. In February I was tilted bullish to ward the EUR until end of May. I have a pair of option expiring on a weekly basis and further I am adjusting the DELTA during that period. - e.g. write puts or calls as needed. One month at the money options are around $5,5000 or around 110 pips. Pairs are around $12,000 or 220 pips. With recent volatility it is quite difficult to asses the range of the EUR / USD a month in advance. IMHO we are topping around those levels and may correct. Europe will get the brunt of high EUR by getting hurt in exports. EZ politicians already mumbled about that. Portugal and Spain are in bad shape also due to S. America and Germany, Italy and Greece are not in great shape either. The EUR is run up by the US mm's more than by the EZ zone BWDIK