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To: MIKenn who wrote (17786)	2/20/1998 4:11:00 PM
From: Just_Observing	Respond to of 97611

More on Options Even though there may be only a few million shares traded because of options expiration, these trades are all in one direction - towards the equilibrium strike price. The 20 million or so of other trades are random in nature and may tend to cancel each other out. You must've seen many situations where a single large seller can substantially depress a stock price. The directed effect of a small percentage may be larger than the random behavior of the majority. Good Luck San

To: MIKenn who wrote (17786)	2/20/1998 8:11:00 PM
From: Dulane U. Ponder	Respond to of 97611

I don't know historically whether there are more down vs up option expiration days but I do know that only ~5% of options players come out ahead on their plays. Since you primarily write options, you are probably part of that 5% and should be congratulated on your success! I usually do options, as I mentioned, only when I'm feeling bearish about a stock I own and want to hedge. I've had mixed results, better when the stock has not been a Dow stock. In any case, whatever our Feb options were, at least they are over now! dulane