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To: VincentTH who wrote (11547)	6/8/1998 5:44:00 PM
From: Douglas Webb	Respond to of 13925

Looks like those 300 puts are at the ask, so somebody is buying PPs? In that case, they are not establishing 300 Bull Put Spreads? Can you confirm whether the puts are at the Bid or Ask? It was right up the middle: After the trade, the price was $7 7/8 x $8 1/8 (or close to it) and the trade went through at $8.00. Besides, you need more than one option series to open a spread, and this is the only one with such high volume, unless someone is legging in over several days.... Another 20 Oct98 $25 puts went through today, moving the price to $8 x $8 3/8. Also, 100 Oct98 $17.50 contracts went through at $2.50. The put/call ratio for today's volume is 3.5, which, if I understand the proper use of this ratio, is a very strong contrairian buy signal. Doug.