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To: Galirayo who wrote (13087)	4/1/1998 9:33:00 PM
From: Patrick Slevin	Respond to of 17305

You know that would be an interesting gamble. It appears ML is taking the opposite side of the trade but that is just the way it appears. I have to look at this. Not for an investment; just for an idea concerning the short-term implication. If it were Morgan or Goldman I would back off but Merrill? Gee it's tempting. Wait a second. We cannot buy this, it's a Hong Kong issue. EDIT. Not only that, but I think it is only available after my estimated selloff date. But it's unclear....I think it is available on the 15th, which may be too late.

To: Galirayo who wrote (13087)	4/2/1998 11:18:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 17305

Still not short; actually long a few contracts right now. But remember all the nay-sayers who refused to believe INTC would eventually dive below 70? There is still some long side day-trading left in this market for the time-being in my opinion. Anyway, Merrill must have some sort of way to play those put warrants using a spread in order that they can capture profits no matter what happens. If I had to guess, the most simple play would be to short a basket of DJIA stocks and sell the put warrants....essentially trading the stocks while bringing in capital off the puts.