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To: Larry S. who wrote (50010)	12/11/2003 4:32:30 PM
From: BWAC	Respond to of 53068

Still the cynic. Trading semi's with protective Puts out thru at least June 2004 mostly. Todays big buy was ADBE at 39.40 and January 40 Puts at $2.30, which is looking good with afterhours earnings and the $41.50 price. So I'm trading, but looking for things to cool off. And trading like a chicken. The news in semiconductors and semi-equip has been much better than I expected. Of course the stock prices more than have the news built in. But they will still probably double anyway from here. So, I'll just trade the volatility and give back the price of the Puts. Waiting for TLT to be Greenspanned. Got June $87 Puts, been selling monthly against them at the 85 or 84 strike. Waiting for the homebuilders to get Greenspanned. Got started with RYL Puts on Tuesday. Closed em. I like MSFT and WMT and LSI. I think tech earnings will peak late next year, but you won't know it til early 2005. And I think we will crash next October if Shrub wins.