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To: IQBAL LATIF who wrote (16356)	1/13/1998 10:19:00 PM
From: Lee	Read Replies (1) \| Respond to of 50167

IQ, I think buying Feb 122 puts and selling March 125 calls would be a good trade. That way if you need to reverse, it's easier to cover the calls since they don't move the same amount as the front month calls. The big guys are doing the positions described in the link below. economeister.com Good Luck, Lee

To: IQBAL LATIF who wrote (16356)	1/14/1998 2:14:00 PM
From: Lee	Read Replies (1) \| Respond to of 50167

IQ, Update as of 2 pm eastern. March bonds hit my buy level, but only for a nanosecond, so I did not buy the Feb 122 puts or sell the March 125 calls. Bonds are redefining "overbought". People are buying the dips and I don't know how long this will last but I suspect it has to do with decreased supply due to "balanced '98 budget". Maybe we should consider going long until this condition (buying the dips) plays itself out. Until government auctions pick up and amount auctioned increases, or until the stock market can exhibit more enthusiasm for the upside, short positions might be premature. Lee