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To: donald sew who wrote (38321)	4/6/1998 10:12:00 AM
From: The Perfect Hedge	Read Replies (2) \| Respond to of 58727

Donald- Are you initiating puts yet?If so,on what?GD

To: donald sew who wrote (38321)	4/6/1998 10:38:00 AM
From: Patrick Slevin	Read Replies (2) \| Respond to of 58727

That's encouraging....from my point of view anyway. I closed out half of my short less than 10 minutes after I put it on. Picked up 240 basis points. I thought discretion was the better part of valor, here. My stop is now to go flat, just below where I went short at 1140.60 I'm of a mind to aggressively short this all morning. I'm really not looking at the rest of the market; I just don't see this breakaway gap doing anything except inviting people to take profits. Perhaps it's foolish, but I already have a cushion so there's my gamble. I do think, that if the market gets together on this and the futures pop the intraday high (thus far) of 1142.30 we could see a huge move in the SP8M....maybe to 1150.00, so the short side has a bit of risk for those playing puts, in my opinion.