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To: Ploni who wrote (5121)	12/28/1997 10:34:00 PM
From: Oeconomicus	Read Replies (1) \| Respond to of 27307

You are correct Charles. That change (to trade date) was made years ago. Peter F. & LRS, interesting thing about that activity in Jan 40 and 45 calls is that writing these calls is, for all practical purposes, the same as a short against the box. This deep in the money and with only 3 weeks remaining, they will move with the stock $ for $. The writer is still exposed to a fall below the strike (unless they have also purchased puts), but the fall isn't likely to be quite that swift. They are essentially out of the stock, with their gains to be realized in 1998, but the price locked in now. You realize I'm sure Peter, that the trading LRS sited represents $2.5mm of call premiums on only two Jan strikes. How much more on other strikes and expiries? Those 1000 contracts effectively lock in Friday's price on $6.6mm of stock. And this was on Friday, Boxing Day, with a half day of trading. How much more has been or soon will be hedged when more holders aren't at home with their families or off skiing? Regards, Bob