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To: Tom Trader who wrote (31463)	12/18/1997 10:25:00 AM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 58727

that down turn was too fast for me to get it and I missed the signal $$#)(&$)&(# btw, clinton extends troops in bosnia speaking on CNBC

To: Tom Trader who wrote (31463)	12/18/1997 2:26:00 PM
From: Clay M	Read Replies (1) \| Respond to of 58727

Congrats, nice call on the SPH sell this AM.

To: Tom Trader who wrote (31463)	12/23/1997 2:15:00 PM
From: Tom Trader	Respond to of 58727

Just an update to the theoretical short position in the OEX calls >>and we would now have a naked call position open -- the Jan 455 at a price of 14 1/4<< The above was the theoretical short position which we would have established when the sell signal was generated on the 18th--and we are still on a sell signal. The OEX, at this point, is not much lower than the point it was when the signal was triggered but the premium has lost value over the last five days. I think that if we had bought puts instead of selling calls -- the gain would be nothing close to this. This is the reason that it is so difficult to make money going long the OEX. Let's see what happens by the time a buy signal is triggered.