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To: ViperChick Secret Agent 006.9 who wrote (43416)	5/18/1998 10:56:00 AM
From: donald sew	Read Replies (3) \| Respond to of 58727

Lisa, Having real problems with my computor and my new one wont arrive until next week, so will not be able to post much. Its only letting me on once it a while. The technical internals of the market really look weak but since the interest rates are down, probably due to flight to safety is minimizing the negativity for the moment. My OEX PUTs are looking good. Many are still thinking that we will rocket after GREENSPAN tomorrow, but my short-term technicals still say further downside, and that the bottom wont arrive until WED/THUR. I got some magic numbers and it looks bad for this week. Seeya

To: ViperChick Secret Agent 006.9 who wrote (43416)	5/18/1998 11:01:00 AM
From: Patrick Slevin	Read Replies (1) \| Respond to of 58727

My friend who was a CBOE MM said they most definitely do. I had also heard that from Camp quite some time ago. I imagine there are other external factors, but that is what I remember they said. I do not think it necessarily wise to presume buying the puts in the next month during expiration is wise. As I mentioned to Dom it used to be a no-brainer but not so any longer. The trend is starkly similar to '87, after which regulatory bodies clamped down on rules involving the short sale of puts. Quite a number of people got badly burned because they had become accustomed to selling naked puts. Many went bankrupt. Of course, the old rules don't apply any more. Wiser may be to leg into a spread, whether debit or credit, as Don was doing once or twice.