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To: Win-Lose-Draw who wrote (184079)	7/28/2002 3:23:49 PM
From: Terry Maloney	Respond to of 436258

what are the odds they'll dump them just as obviously? WLD, I wouldn't be surprised if they already have ...

To: Win-Lose-Draw who wrote (184079)	7/28/2002 3:51:36 PM
From: Les H	Read Replies (2) \| Respond to of 436258

1. Despite the 9.5-percent decline in the Semiconductor HOLDRs Trust (Amex: SMH), call activity was the "play du jour" in yesterday's trading. Some of the catalysts for yesterday's strong sell-off in chip stocks included news of capital expenditure cuts at Taiwan Semiconductor and brokerage house downgrades. It's interesting to note, however, that open interest on SMH's out-of-the-money August 27.50 call surged from just 1,434 contracts to more than 12,000 contracts yesterday. The cynic in me wonders if anyone had prior knowledge about this morning's upgrade of semiconductor issues by Goldman Sachs. from Schaeffersresearch