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To: Stoctrash who wrote (45778)	6/15/1998 12:22:00 AM
From: ViperChick Secret Agent 006.9	Respond to of 58727

well Speedy you are just an excel guru ;-) hmmmmm.....wonder what else you can excel at..I mean put on excel.... S&P FINALLY reacting to overseas...down over 3.00 but by in the morning will probably be up 5 who cares about the Hong Kong meltdown...not the S&P 500 ;-)

To: Stoctrash who wrote (45778)	6/15/1998 12:34:00 AM
From: Patrick Slevin	Respond to of 58727

Another reason why Programs using baskets can move quickly in the Cash Market. Using the largest Cap stocks, it's possible to sell the ones with low RS during a sell program and vice versa. A number of years ago, perhaps 5 or 6, Hank Camp faxed me a "Sure-Fire" way to make a million overnight. At the time, CapCities was a big stock on the S&P. It went something like this... 1.Buy 1000 or so OEX calls at the money at 3 ET. 2 Then start buying 1000 CapCities, a few thousand IBM, etc. 3 Close out the calls, buy a thousand or so puts and then sell the stock MOC. 4 Sell the puts Friday MOO An amusing idea, but Barron's actually did a blurb on it...citing an "unidentified trader". Imagine how intricate these things can get, the next time you see strange activity on expiration Thursday afternoon.