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To: Tom Trader who wrote (31620)	12/19/1997 3:36:00 PM
From: stan fisher	Respond to of 58727

Tom sold my put position at 15 in at 10.625, had visions of the market going to zero(greed) and forgot to unload during the strength of the selloff- missed up to 6 points per additional profit. Have a nice weekend

To: Tom Trader who wrote (31620)	12/19/1997 5:16:00 PM
From: Nancy	Read Replies (1) \| Respond to of 58727

TT, <<Not sure --the last rally was a very labored affair. I am hoping that we have a really good sell-off to set the stage for a rally in January.>> How do you see today's turnaround ? Lots of volumes. <<I am going ahead with it -- I think that there are some incredible values now -- not to say that they won't go lower but with protection and a long enough time frame, I think it'll produce some very decent returns.>> Looks we would have a January rally to implement the protection side. Hope after the insurance is in place, we have a decent sell-off then. Or the short term bottom of semi/ semi equip has set in this week - after a slew of downgrades, they all went up. <<As far as being fully invested I suspect that a lot of people are in that boat. I once told Judy that if we only cashed out when the euphoria is rampant and then waited for a decent correction we'd all do great--because every year there are at least one or two major sell-offs when one can buy things at almost fire-sale prices.>> Isn't that very true ? A friend e-mailed me last night, he has closed out all his shorts, after achieved a 225% return for the year, he went into 100% cash and would not trade till Jan. What an envious position he is in.