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Gold/Mining/Energy : Strictly: Drilling and oil-field services -- Ignore unavailable to you. Want to Upgrade?

To: Broken_Clock who wrote (13090)	2/27/1998 11:15:00 AM
From: The Perfect Hedge	Read Replies (1) \| Respond to of 95453

Via real time,looks like they were bought.GD

To: Broken_Clock who wrote (13090)	2/27/1998 11:34:00 AM
From: Lazlo Pierce	Respond to of 95453

Don't know about today's transaction, but in case you missed it yesterday..from street.com <<The sector has been beaten down, but now it looks like some large institutions are trying to "get long," traders said. The Philadelphia Stock Exchange's Oil Services Index (OSX) had fallen more than 30% since November. Today, the OSX was up 6.63 to 103.93, a byproduct of the most solid sign of a consolidation in the industry. A major institution was buying the April 110 calls and selling the April 100 puts, effectively giving them a long position in the sector, and in the meantime, taking in a nice $475 premium for the puts. The position included about 2,000 contracts on each side of the trade, sources said. Volume was strong in the March 105 and 100 calls as well, but came in much smaller lots.>> Dave

To: Broken_Clock who wrote (13090)	2/27/1998 1:47:00 PM
From: Teddy	Read Replies (1) \| Respond to of 95453

In other options activity: After the Halliburton-Dresser deal came down yesterday, the oil services sector took off on other theories about potential M&A activity. Today, that movement had cooled off some, surprising pro traders. "It's quiet, we're not seeing much of the arbs," said one institutional trader in New York. "This sector was beaten down for so long, people are playing the index to get long. They think this might be the beginning of something good." Some may be thinking the opposite, as Philadelphia Stock Exchange Oil Services Index (OSX) was down .08 to 103.71 today and one institution grabbed a 1,000 contract position in the March 95 puts. On the call side of the OSX ledger, the busiest option was the March 100 call, which traded 260 contracts.