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

To: Steve Fancy who wrote (1721)	4/16/1998 3:24:00 PM
From: EPS	Read Replies (4) \| Respond to of 22640

Steve, (Edited a bit) I mean if WE count the calls and puts at different strike prices one can get the strike price of max pain.. there is a program advertised by a guy in the NOVL board that does it. Closing price will -on average- tend to be this price. It would nice to know...... Now there is surely going to be arbitrage involved if the distribution of option interest here is different than the one in Brazil..How can we get the information from Brazil? Victor

To: Steve Fancy who wrote (1721)	4/16/1998 4:18:00 PM
From: Steve Fancy	Respond to of 22640

Well, I bought my APR 135 put position back at 7 3/4, what a sad day, my first loss ever on TBR. I sold them at 5 1/2. On occasion these puts can move against ya. I had been waiting and waiting, and finally decided the stock was in a new trading range, with lots of good news coming when I sold those. Could have bought them back in the last couple days and made a point or so. I could have bought the stock at 135-5 1/2, or 129 1/2, but I already have May positions and feel I'll be better off selling more puts, especially if the stock pulls back more. Almost looks like they have it set up to go either way tomorrow. Bad day 125, good day 130. We'll see. I decided to hold the APR 125 calls until tomorrow. Hope everyone else who bought calls made out OK. Tomorrow is probably largely dependent on earnings tonight, and Japan. With any luck Japan will say something a little more reassuring tonight. Hope everyone who bought calls made out OK. Anyone holding into tomorrow...good luck, we're gonna need it. David, nope, still wearing those socks...decided not to change what's been working all along. sf

To: Steve Fancy who wrote (1721)	4/16/1998 5:19:00 PM
From: Steve Fancy	Respond to of 22640

Brazilian court to rule on Metropolitana sale Reuters, Thursday, April 16, 1998 at 15:29 SAO PAULO, April 16 (Reuters) - Brazil's Superior Tribunal of Justice (STJ) said it would rule Thursday on a state government appeal lifting a judge's decision to annul the sale of Eletropaulo's Metropolitana (SAO:ELP) distributor. The case was brought to the STJ after a Brazilian judge ordered the annulment of the auction that took place Wednesday on the grounds that the Sao Paulo Stock Exchange (Bovespa) and Sao Paulo state officials disobeyed his injunction suspending the sale. Judge Amador da Cunha Bueno, vice-president of Sao Paulo state Justice Tribunal, granted the injunction at the request of an electricity workers union based on alleged irregularities in the sale process. Sao Paulo stock exchange and state officials, however, said the auction was completed before the judge issued a legally- binding injunction. They said the bolsa was handed only a statement signed by the judge ordering the suspension. Although the auction was delayed for about an hour, Bovespa officials said they were told by the Justice Tribunal's president that they could proceed with the auction because the document they had in hands had no legal validity. Metropolitana was sold for the minimum price of 2.026 billion reais to Brazilian private power utility Light (SAO:LIG) at an auction that attracted only one bidder. Light is controlled by U.S. AES Corp (NYSE:AES) and Houston Industries (NYSE:HOU), France's EDF and Brazil's CSN (SAO:CSN) and BNDES Participacoes (BNDESPar). The company was one of the two distributors spun off from Eletropaulo, Latin America's largest electricity distributor, in a pre-privatization split. Bandeirante (SAO:EBN), the other distributor on sale Wednesday, drew no bidders and was not privatized. Copyright 1998, Reuters News Service