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To: donald sew who wrote (34800)	2/7/1998 12:22:00 PM
From: sergio	Read Replies (1) \| Respond to of 58727

Don, I'm getting my stats from CBOE and I don't particularly see that much more call buying. On equities, it allways has been the case that there are more call buyers, as a matter of fact once I see the p/c ratio getting closer to .7 a bullish run happens. On indices, there were much more call OI and volume before this latest run from DJ 7500 range. What I noticed is the lessening of oex call OI, a tad more volume on calls during this run-up which I would correlate to call liquidation or profit taking of their calls. On those days, c/p is higher than 1 and I was positioning for a short, but forgot to check the oi (lessening of calls) and Im taking a beating. Im looking for a xx,000 difference between index calls and puts for a continued bullish run. Sergio

To: donald sew who wrote (34800)	2/7/1998 12:33:00 PM
From: peter n matzke	Read Replies (1) \| Respond to of 58727

Don, i had similar thoughts on the potential downside of the market. i have noticed that the market likes to correct 5-10 days before expiration, with the bigger movements tending towards the 10 day area. the correction is the opposite direction of whatever the previous strong movement has been either up or down. i was convincing myself that this would happen, so i went net short on friday. Washington Week in Review might have changed my mind. They stated: 1. even if clinton wanted to attack Iraq, military deployments are approximately 10 days out of proper positioning. 2. the beginning of the olympic games has signaled an international no flare period. 3. the olympics are historically bullish on the stock market. atleast my one day bear position hasn't been too expensive.

To: donald sew who wrote (34800)	2/7/1998 1:13:00 PM
From: Rick C.	Read Replies (3) \| Respond to of 58727

Don~ Friday's Nightly Busi. Report has an interesting slant on oil. They report world is awash in crude, and were it not for the Iraq uncertainty the price would collapse. Underlying reason being Asian demand dropoff has world using 500 million barrels less per DAY than previously. Does that mean fate of world rests in Monica L's hands?? If she tells truth under immunity, bombs will fall, crude will skyrocket, and you can kiss your XAL puts?? Regards, Rick