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To: donald sew who wrote (37138)	3/22/1998 12:01:00 PM
From: Patrick Slevin	Respond to of 58727

No, it was not too confusing. I forgot about that "range" that falls into the following month. I do think this coming pullback will have a lot of teeth in it. If no pullback occurs...certainly by the end of May, anyway...I shall presume that the summer will be a continuation of the upwards bias. Oddly enough, I trade based not on price but on time as well. I just use different techniques. You are correct, however, that most would not be able to grasp this concept. It appears to fly in the face of logic; often (in my case) it is confused with Astro-trading as I occasionally make reference to lunatic theory. As far as the moves being insufficient to make large profits on index puts, perhaps you might consider taking some time to try to get a handle on trading spoos. In my case, it's in and out each day for one or two trades. Not very complex. No odd arcane knowledge of option decay, Implied Volatility or concerns about which one of your stocks will implode with bad news. Others put on a trade for weeks at a time. I believe TT said he was going long around 1047 on the March contract. I think it went out at around 1089 Thursday/Friday morning. So if he rolled into the June then at Thursday's high he would be in there from 1103 and I think it closed at 1113. So 42 points on the March plus 10 on the June equals $13,000 per contract profit, thus far. Not bad, considering he did not have to do anything but glance at it occasionally and move his stops up as the market advanced. But it does take a different mindset. I don't even bother to tell others what I trade; even when other traders ask me I can see their eyes glaze over when I tell them S&P futures.