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Technology Stocks : Cymer (CYMI) -- Ignore unavailable to you. Want to Upgrade?

To: H James Morris who wrote (12235)	1/2/1998 4:23:00 PM
From: Yakov Lurye	Respond to of 25960

HJM, virtually all shorting against convertibles occured with CYMI way above 30 - that's roughly 2.2M shares; given that short interest numbers in September-October exceeded 3M, one can assume at least 3M shorted above the September-October low of 25. I feel good about recommending my friends on this thread to buy Jan15 calls at 1.25-1.375 about a week ago; however, being unable to withstand prosperity I'd sold JAN15 at 2.125 today when CYMI reached 16.875 and SOX jumped above 273. That's the problem with short near the money options - the stock went up 1.875 since the moment I'd bought the calls, and I'd netted only 0.8. Probably sold too early, but short-term, SOX may reverse, and time value of options keeps declining... CYMI/AMAT relative valuation is back to more reasonable levels (above 0.5). Monday will be interesting. Still long CYMI (about 3,000 shares) and still losing a bundle... Regards, Y.