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To: ratan lal who wrote (22768)	10/23/1997 1:14:00 PM
From: Mike M2	Respond to of 53903

Ratan, the fundamentals at GTW are bad and will get worse .The risk to holding those puts is earnings expectations are low .11 vs. 0.39 yr ago. It does not take much too rally the herd remeber last Q "in like a lamb but out like a lion" well the lion did not show but people did not care. They could talk about end of Q strength and have optimistic forecasts about X-mas sales. Some chump could talk about a take over.I am hoping for an earnings disappointment but is is only speculation on my part I do have Dec 25 and it is an all or nothing bet. In short holding is a good speculation but you must be prepared to lose it all if not sell down to your risk tolerance. One plus for bear positions is the tide may be turning in the bears favor. I have had many put positions which seemed like a sure thing blow up in my face.Good Luck Mike