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To: Nancy who wrote (54097)	9/20/2002 1:42:47 AM
From: mishedlo	Respond to of 209892

Nancy. Yes. There was a huge buildup of puts in June. These puts "vanished" so to speak by enormous call buying (as well as profit taking in puts) all the way down thus overwhelming the puts. It was amazing. Yes it can happen again. I merely point out the potential is there. Even if PUTs buildup that does not mean there will be a rally. If fund outflows continue and buyers go on strike, delta hedging will send up lower and lower, until extreme pessimism is reached. So while the sentiment has changed, it still takes a spark to go back the other way. M