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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Weekapaug who wrote (446)	11/27/1997 3:42:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Hi Ken. I sold the 115 calls against the stock at 3. The naked puts...no system, just gut feel. I've been following the stock by the minute for some time now and feel very comfortable with my judgements. I haven't lost on the puts yet. I always wait for a pull back then sell at least 5 points under what I feel is a short term bottom. Last month I sold the 90's for 5 1/2 when the stock was at 97. I did sweat them for a couple of days as the stock dropped below 90, but keep in mind that my break was approximately 84 1/2 based on the premium I received. Safer than buying the stock if you ask me. As far as Friday, so far looks like it may gap up. Looks like Brazilian market is up 2 1/2%. I will likely break my rules and sell 95's or 100's even though it's likely to be an up day. I don't want to lose any more time value and it's possible we won't ever see these levels again with this stock. Nervous though, because everytime I break my rules I seem to lose. Should have sold them Wednesday. I did get an order through on CPQ naked 55 puts for 1 1/2 when the stock broke 59. Always waiting for the opportunities. Good luck. sf

To: Weekapaug who wrote (446)	11/27/1997 3:49:00 PM
From: Steve Fancy	Respond to of 22640

Brazil stocks seen up on reform vote, local buying SAO PAULO, Nov 27 (Reuters) - Brazilian stocks were seen opening higher Thursday on optimism after the government won a key reform vote in Congress and on local bargain buying with low volume due to the U.S. Thanksgiving Day holiday, brokers said. biz.yahoo.com

To: Weekapaug who wrote (446)	11/27/1997 3:56:00 PM
From: Steve Fancy	Respond to of 22640

Telebras buyback depends on share price BRASILIA, Nov 27 (Reuters) - A proposed 100 million real ($91.7 million) share buyback by Brazil's Telebras will take place only if the company's stock price falls below 100 reais, the company's president said Thursday. biz.yahoo.com