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To: Trader X who wrote (12861)	3/20/1998 2:18:00 AM
From: Jeffrey S. Mitchell	Read Replies (2) \| Respond to of 17305

What, do elation over UConn's miracle win? (end) - Jeff

To: Trader X who wrote (12861)	3/20/1998 8:16:00 AM
From: Patrick Slevin	Respond to of 17305

Well, for whatever gawdawful reason, the futures are up pretty solidly, although well off their highs of the night. The high of the night was 1104.60 and they are now at 1103.30; yesterday's close was 1101.70 If you notice, generally whenever the market rallies on a Wednesday or Thursday of expiration in the waning hour, hour and a half, it generally rallies into the close. This, I believe, is the effect of "gunning" which results in an opportunity to exercise deep ITM calls after the close. The results of the exercise is not available until the following morning. This is not to say the market shall not continue to rise, just that it is not unusual to expect a weird rally into the close this late in an expiration.