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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (1429)	4/3/1998 1:43:00 PM
From: Steve Fancy	Respond to of 22640

Brazil shrs sharply down led by Japan stock falls Reuters, Friday, April 03, 1998 at 13:33 SAO PAULO, April 3 (Reuters) - Brazilian shares were sharply lower in mid-afternoon trade as investors sold stocks across the board following worries over heavy losses on Japanese and other Asian bourses, brokers said. Sao Paulo Bourse's 51-share Bovespa (INDEX:$BVSP.X) index was down 2.95 percent or 350 points at 11,508 points by 1500 local/1800 gmt. "Worries over Japan prompted stock sales worldwide," said one local trader. Continued worries over the fate of Telebras shares after the federal holding is split prior to the privatization auction weighed on the telecom giant's shares, brokers said. Traders also cited rumors in the market on Thursday that the weighting of the issue would be lowered on the Bovespa index ahead of the split. Investors were concerned they could be holding less liquid shares after the breakup. Shares in benchmark Telebras preferred (SAO:TEL_.P) fell 3.46 percent to 139.40 reais. Volatility was also high prior to the mid-April futures and options settlement. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (1429)	4/3/1998 1:54:00 PM
From: Steve Fancy	Read Replies (3) \| Respond to of 22640

(edited) April 125 calls look kind of attractive at 2. Anyone else buying today? Order in to buy APR 125C at 2 3/8...won't chase em, and it looks like it's already getting away from me, but David's word of wisdom was encouraging..."courage". Seems to be a lot of bettors on this particular option...4098 traded today, can't believe too many folks would be selling these. I'm in pretty deep here, but I'm betting this is a fluke as I've seem many times before. sf