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To: bw who wrote (7658)	1/12/1998 12:56:00 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 95453

For What It's Worth I bought 40 Jan GLM 22.5 Calls for 1/4. I expect a rally this week, which could be swift and viscious, due to options expiration and short squeezing. Afterwards, down again. The calls are to allow me to short GLM - hopefully it hits 22+. Re: Options expiration, almost all jan calls are now worthless. The MMs long ago sold whatever stock they held to hedge these positions. However, virtually all puts are in the money, and the MMs must have shorted a tremondous amount of stock to hedge themselves. This stock needs to be re-purchased by friday. My guess is the rally will feed on itself once it starts in earnest. Looks like this rally happended on wednesday of last month's expiration - but who knows? Afterwards, asia and oil price, etc. will weigh on the stocks, and the shorts will return. All IMHO. This morning, I placed limit orders to sell naked puts at ridicously high prices. No orders when through - the stocks didn't drop enough. This would have been a very short term trade. Long term - great sector. Short term - I grew tired of getting my ass kicked. Good Luck Mike