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To: John Graybill who wrote (32015)	4/13/1998 2:11:00 AM
From: MR. PANAMA (I am a PLAYER)	Read Replies (1) \| Respond to of 53903

DE MKT has discounted most of this qtrs earnings and is moving based on other factors.... 1. OIL LOW AND MAYBE LOWER 2. SEA PROBLEMS UNDER CONTROL KOREA LEADING DE WAY 3. BUFFET COHEN TINK VALUE STILL THERE 4. CO AFTER CO BUYING MERGING ETC...THEY TINK VALUE THERE AT CURRENT PRICES 5. CASH IS EVERYWHERE AND FOREIGNERS ARE REALIZING USA IS 1 6. BUDGET SURPLUSES DOWN DE ROAD...LESS BORROWING LOWER RATES 7. MULTIPLE EXPANSION TO REFLECT ABOVE 8. WRT SEMIS .... MAYBE OVERSOLD AM LOOKING AT SELECT STOCKS VERY CAREFULLY.... INTC TXN RMBS AMAT NVLS MU AMD ...WAITING FER NEXT KURLACK ATTACK TO JUMP IN...COME ON DOWN GRIM HAS SPOKEN ....

To: John Graybill who wrote (32015)	4/13/1998 12:32:00 PM
From: John Graybill	Read Replies (2) \| Respond to of 53903

Tight range on MU today, probably because INTC announces earnings after tomorrow's close. INTC's graph over the past week suggests to me that 75 is a short-term high (hit it and bounced right back down today), that the move up over the past two days is phony (a low volume day on a gap open? yeah right!), and that today's move up to 75 in INTC is a simple short squeeze (moves up that are literally straight lines at a relatively steep slope are always phony, I have found). So they're parking MU right at a strike price for a while. They might just keep it parked there all the way through TXN earnings on Thursday.