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To: Lucretius who wrote (423)	5/26/1998 3:12:00 PM
From: Thean	Read Replies (1) \| Respond to of 14427

LT, my MU Put expires in June. But that does not stop me from buying Put each month. My scenario is they preannounce in the next two weeks and MU drops below $20. I'll close out my Put if during maximum panic selling. On the ensuing dead cat bounce, I'll Put it again for July. Steve, OSX below 100 is not only likely but we are very close now. Yes it has got to do with oil and by this time everyone and their mothers know that OPEC will want to further cut. However, the consensus thinking is OPEC will cut based on the figures they have at hand and not the projected figures (which will likely show even less demand due to continuing Asian weakness) which makes it bring a mild, ho-hum rally when OPEC announces further cut. The wild card is actually the US and European equity market and if we have a worldwide selloff of 10% or more, people are going to start think overall slowdown and further slow demand or delay pickup timing. I believe we can always play short term because there will be bounce and headfake. The current trend is still down and if there is rebound people will think selling into strength. I'd definitely want to be defensive. Am glad I was out of the drillers two weeks ago. I think Doug deserve some stuffs. I think I'm going to send him some toothburshes and toothpastes.