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

To: EPS who wrote (1491)	4/7/1998 12:49:00 PM
From: Steve Fancy	Respond to of 22640

Victor, could be a goldmine, but based on my circumstances, I've been looking at May 130's. In general, I'd feel more comfortable with the extra 4 weeks. I feel the stock will recover to the 130-135 range before APR expiration, assuming no interest rate disappointment and some amount of stability here and in Japan. I think they're looking for a cut to 24% from 28%. I would think we'd hear something on the prequalification process of the bidders for TBR, month 3 earnings, interest rates, and social security reform vote next week, all of which could go either way, but I am hoping they will all support further upside. If our markets go down much further, you may be able to pick them up cheaper yet...then again you may not. It would be interesting if we could get our hands on open interest information for their options. sf

To: EPS who wrote (1491)	4/7/1998 1:00:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Volume so far today on APR 125C at 4527...will have to watch the open interest overnight.

To: EPS who wrote (1491)	4/7/1998 1:27:00 PM
From: EPS	Read Replies (1) \| Respond to of 22640

TELECOMMUNICACOES BRASILEIRAS 2 3/ 4 - 1/ 2 (.TBRDE ) Apr 7, 1998 @ 13:21 (Data 20 Minutes Delayed) Last Sale 2 3/ 4 Tick Up Time of Last Sale 12:47 Exchange of Last Sale American Net Change - 1/ 2 Previous Close 3 1/ 4 Percent Change - 15.38 Open 3 1/ 4 High 3 1/ 4 Low 2 9/16 Bid 2 3/ 8 Ask 2 3/ 4 Size of Last Sale 8 Volume 4527 Open Interest 12405