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To: donald sew who wrote (32766)	1/11/1998 5:34:00 PM
From: J.T.	Read Replies (1) \| Respond to of 58727

donald, If you are getting ready to initiate puts shortly, say Tuesday or Weds., you must be a very nimble trader to initate any new call trades off of your Class 1 Buy on Monday given it is extremely difficult to know when the low of the day will be registered. Again we could be up 40 right out of the blocks from the opening bell. Do you immediately open call position as soon as index option lets you trade since there is a delay of a few minutes here(choose any index, it doesn't matter), or do you wait til we are up say 60 on the Dow, retrace back down to say up 20 and then back up we go to 40. Do you initiate at up 20 on the pullback? Also, lets say we go back up to 32 after being down to up 20, how is anyone to know we won't head south to down 50 before recovering? The point is, you have to be a soothsayer to know exactly when the low is registered. I like your idea to wait to initiate puts on say Tues or Weds... IF THE MARKET GIVES YOU THE OPPORTUNITY TO DO THAT... Just some thoughts and I welcome your feedback. JT