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To: Darth Trader who wrote (40291)	4/18/1998 4:40:00 PM
From: Barbara Barry	Read Replies (2) \| Respond to of 58727

Darth, FWIW.Your idea isn't off but the timing might be too soon.IMHO A 20% correction in the oex would be a pretty serious drop in the dow.I just don't think the trend is broken yet..getting toppy,yes.But my "guess" is a pullback that may pay you if you don't go so far out of the money.May has historically been a bullish month so be careful.Bill and Lisa know I am waiting impatiently to buy may puts and thanks to them I am using restraint.When I do,I am not expecting huge returns...Ironically, I just spoke to someone with mbna and he said the banks are holding up their interest rates on credit cards because of so many losses from default and bankruptcies lately.We have to pay up for those losses if we carry a balance.He thinks this market will tank...but it's that darn "when" thing. Regards, Barbara

To: Darth Trader who wrote (40291)	4/18/1998 5:29:00 PM
From: ratan lal	Read Replies (1) \| Respond to of 58727

Darth What are you insuring with your OEX Puts ?? ratan

To: Darth Trader who wrote (40291)	4/18/1998 6:16:00 PM
From: Tom Trader	Read Replies (1) \| Respond to of 58727

>>for downside protection on my long portfolio, I request your, and anybody else's opinion<< Hi DT--as an "anybody else", I shall venture to offer my two cents:) I agree with Barbara that index put protection is probably premature; IMO, the market is not ready to reverse course in any significant way --as yet. Look for sentiment to become a lot more bullish and the technicals to show signs of fraying before any major correction. I also agree with Barbara that, except for investment positions, it is better to liquidate part of ones trading portfolio if feels uncomfortable with where the market is. In fact, I posted to Arik that there may be some merit in gradually/partially selling into strength and taking profits at this time. There will doubtless be another opportunity this year to redeploy ones capital into equities at much more favorable prices. I think that some of these over-blown sectors such as the internet will see come back to earth in due course -- but at this point, the odds favor them going higher first. I have decided that I will establish some long/medium term short positions in this sector at the right time--unless of course, I chicken out when the time comes:) For now if I play this sector it will be on the long side. Good trading

To: Darth Trader who wrote (40291)	4/18/1998 6:30:00 PM
From: donald sew	Respond to of 58727

Darth, No problem. Per my earlier note it appears that OEX is one of the strongest indexes at the moment; there its downside may not be as strong as the NAZ indexes. If you are doing it for protection and not speculation, then I would look at your current portfolio and pick the index that best represents your portfolio and buy puts on that. Lets say you have mainly large cap HiTECHs, you could have a situation that the HiTECHS could dump but the OEX could remain flat or even rise with this strong sector rotation. Now if you have mainly drugs and banks in your portfolio then the OEX would best represent your portfolio. Hope it made some sense. Seeya