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Strategies & Market Trends : Roger's 1998 Short Picks -- Ignore unavailable to you. Want to Upgrade?

To: Joey Two-Cents who wrote (7834)	4/25/1998 8:29:00 PM
From: Tom Hua	Respond to of 18691

There was a lot of call buying this week on AVNT. I'd be careful with this one. Joey, that's actually bearish for the stock. Options activity is usually interpreted as a contrarian indicator. As you know, 80% of option holders lose money. The MMs and institutions who write the majority of the calls/puts are the winners. As of yesterday, the May 20 call has the largest OI, and a call/put ratio of 7.5. Watch for AVNT to close at or near 20 on expiration date unless there'll be dramatic news to change the landscape. Regards, Tom