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To: Bill Harmond who wrote (9091)	4/4/1998 11:39:00 AM
From: P.Prazeres	Read Replies (1) \| Respond to of 27307

I don't think the puts is the way to go... if you get puts before the earnings announcement, the premium psid will be wiped out the following morning after the news is known.... the stock could drop $5 bucks and the puts could drop also. it sounds crazy but I learned this lesson over a year ago on Intel. I bought calls just before earnings and the following day after an excellent earnings report, the stockls was up 4 bucks and my calls were down 1/2. lesson...the uncertainty of the news cranks up the volatility premium. That premium disappears very quickly after the news is out. Paulo