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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Marc Newman who wrote (20576)	3/3/1998 9:12:00 PM
From: Don Earl	Read Replies (1) \| Respond to of 42771

Hi Marc, I was just checking out the action on options today. Huge volume on May 10 puts AND calls. Contracts that represent about 400K shares in each direction. What if someone were to short 400K shares and write covered puts, and buy 400K shares and write covered calls. They would end up basically dead even no matter what happened, with about $800,000 in premiums! There were a ton of trading size lots going across at bid the last hour or so that didn't seem to budge the price. I really don't have a fuzzy notion which way this thing is going to break. I'm more than a little amazed the price has held up as long as it has, in the face of declining revenues and a law suit that says they cheat on the numbers. I noticed the IHOP commercial with the paper boy reading the Wall Street Journal has been switched back to the one with the guy that has a bunch of chickens. I wonder if some of the fund money will start to dry up now. The only thing I know for sure is that the whole market is over bought to a point beyond anything that makes sense to me. If we get a correction like we saw last year, it could be a real honey. Regards, Don