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To: ViperChick Secret Agent 006.9 who wrote (10342)	12/15/1997 1:24:00 PM
From: Patrick Slevin	Respond to of 17305

He says for arb buying the OEX would have to climb above 470. For selling it would be below 450. Other than that...today was predictably higher because of traders that like to buy on the first day of expiration with the presumption buy programs will kick in. However, if they do not start moving the market sharply higher by mid-week look for these traders to 'cash out' of long positions taken for the usual 'bullish' nature of the week. A bias toward puts in the late part of last week also hampers bearish moves, short-term.