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To: Sundar Rajan who wrote (27400)	10/29/1997 5:56:00 PM
From: Electric	Respond to of 58727

Everyone... Before looking at Dell puts, I did a check on the return you might receive if you bought a put. To me the price is high and the leverage is bad... the numbers below represent a 1 point move for percentages. Electric DELL COMPUTER CORP 83 1/2 # PUT PRICE VOLUME LEVERAGE 1NOV 30 1/16 0 -57 % 2NOV 32 1/2 1/16 0 -57 % 3NOV 35 1/16 0 -57 % 4NOV 37 1/2 1/16 0 -57 % 5NOV 40 1/8 0 -29 % 6NOV 42 1/2 1/8 0 -29 % 7NOV 45 3/16 0 -20 % 8 NOV 47 1/2 1/8 0 -29 % 9 NOV 50 1/4 0 -15 % 10 NOV 52 1/2 1/16 0 -57 % 11 NOV 55 3/16 10 -20 % 12 NOV 57 1/2 5/16 0 -12 % 13 NOV 60 1/2 299 -7 % 14 NOV 62 1/2 5/8 0 -5 % 15 NOV 65 13/16 150 -3 % 16 NOV 67 1/2 1 3/8 11 0 % 17 NOV 70 1 7/8 810 1 % 18 NOV 72 1/2 2 3/16 59 3 % 19 NOV 75 3 696 4 % 20NOV 75 No Prc 0 N/A 21 NOV 80 4 3/4 2787 5 % 22 NOV 85 7 4285 5 % 23 NOV 90 10 3/4 2891 4 % 24 NOV 95 13 1/2 1069 4 % 25 NOV100 No Prc 1250 N/A 26 NOV105 No Prc 107 N/A 27 NOV110 No Prc 10 N/A 28 NOV115 No Prc 0 N/A 29 DEC 75 4 1/4 38 4 % 30 DEC 80 6 5/8 284 4 % 31 DEC 85 9 231 3 % 32 DEC 90 10 5/8 220 4 % 33 DEC 95 12 1/4 20 4 % 34 DEC100 18 3/4 18 2 % 35 DEC105 No Prc 0 N/A 36 DEC110 No Prc 7 N/A 37+JAN 5 1/16 0 -57 % 38+JAN 6 1/4 23 0 -2 % 39+JAN 7 1/2 No Prc 0 N/A 40+JAN 8 3/4 No Prc 0 N/A 41JAN 10 No Prc 0 N/A 42+JAN 10 5/8 No Prc 0 N/A 43+JAN 10 1/16 0 -57 % 44+JAN 11 1/4 No Prc 0 N/A 45+JAN 11 7/8 No Prc 0 N/A 46JAN 12 1/2 No Prc 0 N/A 47+JAN 12 1/2 No Prc 0 N/A 48+JAN 13 3/4 No Prc 0 N/A 49JAN 15 No Prc 0 N/A 50JAN 17 1/2 1/16 0 -57 % 51JAN 20 No Prc 0 N/A 52JAN 21 1/4 No Prc 0 N/A 53JAN 22 1/2 1/16 0 -57 % 54JAN 25 1/4 0 -15 % 55JAN 27 1/2 No Prc 0 N/A 56JAN 30 3/16 0 -20 % 57JAN 35 1/8 0 -29 % 58JAN 40 5/16 0 -12 % 59JAN 42 1/2 No Prc 0 N/A 60JAN 45 3/16 0 -18 % 61 JAN 47 1/2 9/16 0 -6 % 62 JAN 50 11/16 0 -5 % 63 JAN 52 1/2 5/16 0 -6 % 64 JAN 55 1 5/16 7 -2 % 65 JAN 57 1/2 9/16 0 1 % 66 JAN 60 1 3/8 11 1 % 67 JAN 62 1/2 1 0 4 % 68 JAN 65 2 1/2 6 2 % 69 JAN 67 1/2 2 5 4 % 70 JAN 70 3 7/8 176 3 % 71 JAN 72 1/2 3 3/4 0 4 % 72 JAN 75 4 3/4 173 4 % 73 JAN 80 7 1/4 74 3 % 74 JAN 85 10 3/8 214 2 % 75 JAN 90 12 7/8 312 2 % 76 JAN 95 15 10 2 % 77 JAN100 25 1/4 0 1 % 78 JAN105 21 1/2 0 2 % 79 JAN110 No Prc 0 N/A 80 JAN115 No Prc 10 N/A 81 FEB 55 5/8 0 2 % 82 FEB 57 1/2 3/4 0 4 % 83 FEB 60 2 3/16 0 1 % 84 FEB 62 1/2 1 1/16 0 7 % 85 FEB 65 3 1/2 104 2 % 86 FEB 67 1/2 2 7/8 0 4 % 87 FEB 70 5 1/2 102 2 % 88 FEB 72 1/2 5 1/4 10 3 % 89 FEB 75 5 1/8 5 4 % 90 FEB 80 8 1 3 % 91+FEB 80 No Prc 0 N/A 92 FEB 85 10 1/2 5 2 % 93 FEB 90 10 3/4 32 3 % 94 FEB 95 15 1/8 10 2 % 95 FEB100 16 1/4 2 2 % 96 FEB105 No Prc 0 N/A 97 FEB110 No Prc 0 N/A 98 FEB115 No Prc 0 N/A 99 MAR 80 No Prc 0 N/A 100 MAY 75 8 10 2 % 101 MAY 80 10 1/8 58 2 % 102 MAY 85 13 5/8 5 1 % 103 MAY 90 13 1/4 10 2 % 104 MAY 95 17 5/8 3 1 % 105 MAY100 18 1/2 0 1 % 106 MAY105 25 0 1 % 107 MAY110 No Prc 0 N/A 108 MAY115 No Prc 0 N/A

To: Sundar Rajan who wrote (27400)	10/29/1997 6:43:00 PM
From: Robert Giambrone	Respond to of 58727

Keep watching the Call/Put Action for market Direction: CHICAGO, Oct 29 (Reuters) - U.S. stocks are attempting to maintain the upward momentum generated by Tuesday's dazzling rally, but not all investors have turned bullish. Options traders said Wednesday that one U.S. institution had sold out a large bullish butterfly spread position in options on the Dow industrials (INDEX:$INDU), which are based on an index <.DJX> that is one one-hundredth the size of the underlying Dow average. By 1230 CST/1830 GMT, the DJX November 80 call traded 10,635 contracts, the November 82 call traded 20,500 and the November 84 call traded about 10,000. With the Dow industrial average up 20 at 7,518, the DJX was up 0.20 at 75.18. December Dow futures were ahead 30 at 7,535. "It was closing out an old position," one broker familiar with the DJX options trade said. "Basically the thought is that the market's going to go back down, so it was closing out of a bullish position." The butterfly was initially put on shortly after the options began trading on October 6. Jack Callahan, an independent market maker at the Chicago Board Options Exchange, said the trade was done by one institution, with market makers taking the other side. In other index trading, traders said institutions were good buyers of some S&P 500 index (INDEX:$SPX.X) options, where the November 955 call traded more than 11,500 contracts and the November 945 call trded 10,815. One trader said, however, that not all the orders were buy orders, as sentiment was mixed regarding the market's ability to continue to recover from its recent selloff. "There's anticipation both ways," Callahan added. "Some are waiting for the market to possibly test new highs, and of course some want to see if (Tuesday's rally) was a one-day aberration." A futures-options trader at the Chicago Mercantile Exchange said the market has further upside potential short term but would likely trade lower before testing all-time highs. "As somebody said on the radio this morning, 'We've just had an earthquake and now we have to wait for a couple of tremors,'" he said. On Monday, the Dow industrials dropped 554 points, their biggest one-day point loss ever, but then rebounded 337 points Tuesday for the largest one-day point gain ever. "We have to look both ways, and volatility reflects that to some extent," Callahan said. "We have to discount wider ranges here." The Chicago Board Options Exchange's volatility index (INDEX:$VIX.X) was up 0.56, or about 1.85 percent, at 31.02 Wednesday afternoon despite the Dow's gains. The VIX is priced off certain front-month S&P 100 index (INDEX:$OEX) contracts. The OEX was down 1.70 at 881.67. E-mail: chicago.derivatives.newsroom@reuters.com Copyright 1997, Reuters News Service Companies or Securities discussed in this article: Symbol Name INDEX:$INDU Dow Jones 30 Industrials