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To: mishedlo who wrote (183644)	7/25/2002 9:30:22 PM
From: Haim R. Branisteanu	Read Replies (1) \| Respond to of 436258

the question is equity markets or currency market ? regarding the US equity market there is a massive shift IMHO from tech biotech to old fashion stocks which I think are close to bottom tech stocks will follow within several months. As to currencies I am usually writing short term (2 to 3 weeks) in the money call and puts (spread of 2% to 3%) betting that one will expire worthless and the other rolling it over. Presently on my EUR USD option portfolio my DELTA is neutral and Theta is around $1,500 per day sounds a lot but not adjusting to neutral DELTA can cost you a big bundle. Based on what is emanating from EZ I will lean toward the USD rising anticipating that the EUR will slide to the middle of the recent move by year end if things will not improve. BWDIK Haim P.S. now going to sleep