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To: chenys who wrote (17139)	6/9/1998 7:28:00 AM
From: Glenn D. Rudolph	Respond to of 45548

COMS: OLDE DISCOUNT decreased estimate for quarter ending 02/99 from $0.56 to $0.46 on 06/02/98 COMS: OLDE DISCOUNT decreased estimate for quarter ending 05/99 from $0.58 to $0.50 on 06/02/98

To: chenys who wrote (17139)	6/9/1998 8:53:00 AM
From: Wayners	Respond to of 45548

<<the MM'd have to absorb them by selling all the calls (most likely naked)>> That's how they used to conduct business before the 1987 crash. They don't take those kinds of risks anymore. These guys don't even hold inventory--long or short overnight let along naked puts or calls. I guarantee that it is a covered write.

To: chenys who wrote (17139)	6/9/1998 6:40:00 PM
From: joe	Read Replies (2) \| Respond to of 45548

>>... Whether these were done by hedge fund managers or not, the bottom line is that one needs to know whether those transactions were buys or sells and when all happened.<< Thanks for the insights. It sounds like one needs to have data for a whole string of days, maybe weeks, of all the different types of transactions (puts,calls,writers,sellers, covered, not covered) to be able to derive some meaningful information on options. Even if we see a huge number for one day, and it's obvious somebody is up to something, we can't really know what it might be >>"In short", I tend to believe that we should expect 35 next week.<< We got a little bit closer today... but it's still a ways. If you really believe that, maybe you should buy some of those calls at 32.5 :-) j