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To: Michael Davis who wrote (9653)	11/15/1997 2:37:00 PM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

I don't know....I just got back from dropping the kid off at a chess tournament....I hate chess tournaments....I'm kinda tired, but, As I recall, put volumes have been bullish for the last 2 weeks. I don't know what kinda indicator this person is using but...(let me go check) Index puts are out-trading calls 3 to 2 and equity put/calls are almost flat, which is also bullish. Equity put/call ratios are historically in a different scale than index. So whatever the 'volume' issue is, the ratios are more important as far as I can see. If you told someone 10 years ago the NYSE would regularly have 400 plus million share days they would think you were nuts. So volume in puts are up, but also in calls. This means little to me, what is important (to some degree) is what the ratio is and co-incidentally it is, indeed, bullish. Call premiums are also 129% of put premiums, also bullish. There has been upside block trades, also bullish. The OEX has been outperforming the S&P futures....a bullish indication the 'smart money' is putting on a push for expiration. So a short position may not be wise this week. I'm not certain but that's the way it looks.