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To: donald sew who wrote (32736)	1/10/1998 9:08:00 AM
From: donald sew	Respond to of 58727

INDEX UPDATE ------------------------------ The overall market is a CLASS 1 or 2 BUY, with the BUY-in-DAY as Monday at the low of the day. My system does not work on price so it is very hard to determine the low. I had indicated on Friday that the BKX and OSX were CLASS 1's but where was the low - who thought it would get so low. I initiated my DOW calls at negative 80 and negative 140 and it went to negative 275 approximately. As for the following CLASS 1 & 2 BUYS, I do not follow the fundamentals of each index so I do not know which one will do better. CLASS 1 ------------------------------------ YTK XOC CYC XBD SOX IIX - BORDERLINE CLASS 1 DDX MSH NASDAQ COMPOSITE RUT DDX EGI OEX - BORDERLINE CLASS 1 SPX - BORDERLINE CLASS 1 XOI CEX CLASS 2 ----------------------------------- BTK XCI HCX NDX DOW 30 XAL DRG - BORDERLINE CLASS 2 XMI Of all the indexes I checked on the UTY and PNX were not a CLASS BUY. The BKX,OSX were already indicated as CLASS 1's. Seeya

To: donald sew who wrote (32736)	1/10/1998 1:23:00 PM
From: J.T.	Read Replies (2) \| Respond to of 58727

don, Nice analysis. I think you are dead on the money with 7850 being the apex for the DOW nearterm. We could be up out of the gate Monday, still to early to tell. The question is, how much will the boys use the rally to sell into, if at all. In other words, your buy-in Class 1 could be right out of the gate where the market turns up say 40 out of the blocks. At that point, the boys might use that rally to sell into and we may be down 40 before recovering to finish whereever we finish. It might be better to wait one hour and watch although some opportunities might be lost. Any thoughts? JT

To: donald sew who wrote (32736)	1/11/1998 4:52:00 AM
From: Dwight E. Karlsen	Respond to of 58727

Thanks Don. Too bad more people weren't focused on business at hand, which is working, learning, etc. It would certainly make the thread more interesting. I might have to go back to clicking on your name and reading just your posts, to escape the soap opera! -G- DK

To: donald sew who wrote (32736)	1/12/1998 2:01:00 AM
From: Heg Heg	Read Replies (2) \| Respond to of 58727

Hello Donald, thanks for your index updates. You have wondered whether this time at expiry there is an unusually high number of calls to expire. In short if you talk about the ratio of puts vs calls the answer is NO. The ratio puts to calls is decreasing since about the beginning of January, which is unusual (but the same pattern as in November and December). The ratio of puts to calls is however still higher than it usually is. Lower put call ratios (more calls relatively) existed during July to September than now for example. There will however be an unusual high number of options expiring since this month is also the expiry date of the 98 leaps. For anyone interested I post below the optimal expiration points (from the view point of various theories). Analysis so far has not yielded any systematic pattern and I slowly come to the conclusion that the bulk of options is indeed written by Arbs who, because of the very nature of arbitrage would not have a particular interest in where the options expire as long they can stay delta- neutral. If that is the case then the only thing OI would tell us is the sentiment of the people buying the options. Regards, Heg ---million$--- SYMBOL FORM'3 BestCost CurrCost FORM'2 FORM'1 CurrPrice ABT 50.00 8.37 15.36 50.00 60.00 67.25 ALTR 35.00 1.94 3.44 35.00 35.00 29.75 AMAT 30.00 17.40 18.52 30.00 30.00 28.00 AMD 20.00 7.20 8.60 20.00 20.00 18.06 APM 20.00 10.42 20.26 20.00 25.00 10.75 ASND 30.00 11.16 12.37 27.50 25.00 26.19 ASPT 22.50 0.01 0.08 22.50 22.50 21.75 ATML 20.00 0.83 2.49 20.00 20.00 16.00 BA 47.50 18.48 18.73 47.50 50.00 45.13 BAY 25.00 4.97 5.07 25.00 25.00 25.75 BMY 90.00 5.93 5.93 87.50 90.00 89.81 CA 40.00 8.36 11.49 40.00 32.50 49.63 CAT 40.00 9.80 12.50 40.00 35.00 45.44 CCI 110.00 79.62 81.35 110.00 125.00 115.06 COHR 35.00 35.00 35.00 37.00 COMS 35.00 18.38 25.23 35.00 35.00 30.13 CPQ 50.00 131.0 148.86 47.50 60.00 56.94 CS 15.00 0.64 0.89 15.00 15.00 13.50 CSCO 50.00 44.84 53.78 47.50 50.00 54.25 CYMI 17.50 0.14 0.30 17.50 17.50 15.25 DD 40.00 11.68 17.39 42.50 40.00 54.31 DELL 80.00 83.54 86.06 80.00 85.00 83.19 DO 45.00 1.34 1.49 42.50 40.00 40.56 DOW 95.00 0.60 0.63 95.00 90.00 93.25 EMC 20.00 11.94 14.66 22.50 5.00 25.50 EVI 45.00 0.62 1.41 45.00 45.00 40.50 FDC 30.00 0.16 0.60 30.00 30.00 27.50 FORE 15.00 0.78 0.96 15.00 15.00 15.38 GE 65.00 20.26 28.65 62.50 70.00 72.44 GTW 30.00 0.61 1.04 30.00 30.00 32.50 HAL 50.00 5.76 8.01 47.50 50.00 42.38 HON 70.00 0.02 0.12 70.00 70.00 66.63 HTCH 25.00 0.08 0.35 25.00 25.00 20.38 HWP 60.00 17.64 20.86 57.50 60.00 62.19 IBM 80.00 227.6 283.77 80.00 100.00 100.13 INTC 70.00 395.0 403.96 70.00 75.00 71.88 IRF 12.50 0.02 12.50 12.50 10.88 JBIL 40.00 0.76 1.04 40.00 40.00 35.25 KLAC 40.00 0.55 1.38 40.00 40.00 34.75 KLIC 22.50 1.00 1.31 22.50 17.50 16.63 KO 50.00 93.92 119.59 50.00 25.00 64.13 LEH 45.00 2.87 4.04 45.00 50.00 51.06 LGND 12.50 12.50 12.25 LLY 60.00 10.25 14.45 57.50 55.00 66.63 LRCX 25.00 0.10 0.32 27.50 25.00 22.75 LU 75.00 19.10 19.33 72.50 80.00 74.50 MER 60.00 44.10 45.91 57.50 70.00 63.50 MOT 60.00 16.30 21.50 60.00 60.00 55.63 MRK 85.00 64.98 94.36 82.50 100.00 103.13 MRVC 22.50 0.67 0.68 22.50 20.00 21.81 MSFT 120.00 398.0 413.38 117.50 135.00 127.00 MU 27.50 18.07 18.07 27.50 30.00 27.50 NE 25.00 0.17 0.23 25.00 25.00 23.75 NKE 40.00 11.47 11.51 40.00 37.50 39.88 NN 37.50 4.52 5.72 37.50 37.50 30.13 NSM 25.00 1.93 2.07 25.00 20.00 22.94 NVLS 35.00 0.11 0.18 35.00 35.00 29.81 ORCL 22.50 4.96 9.71 22.50 20.00 18.75 PAIR 20.00 1.01 2.34 20.00 20.00 16.00 PFE 50.00 54.49 99.15 47.50 20.00 74.06 PNU 35.00 0.58 0.65 35.00 35.00 35.44 QNTM 22.50 1.22 2.58 22.50 20.00 18.44 RDRT 20.00 0.96 1.42 20.00 15.00 14.63 RIG 45.00 0.14 0.26 45.00 40.00 37.25 ROK 55.00 0.68 0.79 52.50 50.00 48.75 SBH 45.00 1.25 2.29 45.00 50.00 50.94 SCH 30.00 2.31 2.75 30.00 40.00 36.00 SCI 40.00 0.61 0.62 40.00 32.50 38.56 SEG 25.00 3.18 6.43 22.50 25.00 18.06 SFAM 20.00 0.21 0.42 20.00 17.50 25.75 SGP 25.00 6.68 39.09 25.00 15.00 61.69 SLB 72.50 20.49 20.54 72.50 50.00 69.75 STM 65.00 0.27 1.69 65.00 60.00 52.25 SUNW 35.00 32.38 43.25 32.50 25.00 40.88 SYBS 12.50 0.62 1.26 12.50 10.00 8.63 T 60.00 17.63 18.95 60.00 60.00 60.88 TBI 20.00 0.01 0.02 20.00 20.00 17.00 TER 32.50 0.97 1.13 32.50 30.00 29.31 TLAB 50.00 0.44 0.52 50.00 50.00 52.00 TQNT 20.00 0.02 0.14 20.00 20.00 23.38 TRV 40.00 39.70 45.96 40.00 20.00 47.63 TXN 42.50 50.89 51.75 42.50 45.00 41.44 UIS 10.00 6.49 13.34 10.00 7.50 14.75 UTEK 22.50 0.16 0.37 22.50 20.00 18.75 UTX 50.00 2.48 5.56 52.50 40.00 68.50 VLSI 22.50 0.72 0.74 22.50 20.00 22.00 WCOM 27.50 20.46 20.75 27.50 30.00 28.81 WDC 17.50 3.10 3.87 17.50 17.50 15.69 WFR 20.00 0.08 0.17 20.00 20.00 16.94 WLA 115.00 17.82 19.59 115.00 115.00 120.63 WSTL 12.50 0.02 0.10 12.50 12.50 11.00 XLNX 35.00 0.58 0.62 35.00 35.00 34.63