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Technology Stocks : CLCX - Computer Learning Centers -- Ignore unavailable to you. Want to Upgrade?

To: Clint E. who wrote (47)	3/11/1998 9:52:00 PM
From: Mike Naiditch	Respond to of 339

Options Update Well, I guess this news wasn't a shock to me. As the floor traders had feared (see post Feb 2), it was just a matter of time. We came in VERY short and rode the stock up to the top. We watched it fall out of bed, and because of all those puts, our position became long below 30. So, Tuesday we made lots, and Wednesday we lost lots and lots. In retrospect, we were lucky to have had such a move and not lost the whole boat. Interestingly, we didn't see many closing put sellers today, which isn't to say that the shorts aren't covering. The CBOE will investigate the firms who purchased the puts during FEB. We expect earnings after the close Thursday (12th). towertrading.com