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To: Gary Korn who wrote (6328)	6/17/1998 2:35:00 AM
From: grasshopper	Read Replies (1) \| Respond to of 164684

To all on SI, grasshopper is very pleased to announce that amongst other calls purchased by me, I was fortunate enough to have purchased 15 October 110 Calls on AMZN on May 1, 1998 for a premium of 8. They are now (due to the split on 6/2/98) 30 Oct. 55 Calls selling at over 21, which means I have more than quadrupled my investment in only six weeks. This is the second best run up I've ever had after SEEK earlier this year! SEEK went from 8 to 44 within six months. Where are we going with AMZN from here by October 1998???!!!!! Unfortunately, grasshopper chickened out on SEEK and sold at 18, after buying at 8, and SEEK promptly went from 18 to 44 in ONLY four weeks!!! Bad timing grasshopper :( grasshopper (feeling the green)

To: Gary Korn who wrote (6328)	6/17/1998 7:11:00 AM
From: Glenn D. Rudolph	Respond to of 164684

The margin requirement varies from house to house. At Fidelity, a boxed long/short position requires only 5% margin. So, going from pure short to a boxed position actually cuts down on the margin required by a substantial amount (and unwinding the box then adds to the margin requirement). Gary, I know Fidelity permits this. However, it is a violation of the SEC rules. I suspect they are not aware of this. It is true that each brokerage house may set their own requirements as long as they are above the SEC minimum mandate. It is nice that Fidelity missed this <VBG> Glenn