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To: Jay Fisk who wrote (4653)	6/24/1998 10:18:00 AM
From: Czechsinthemail	Respond to of 16960

Jay, Selling July 25 puts will commit the seller to buy at prices below $25. If the stock is above $25 at expiration, the seller walks away with the entire premium. If it is less than $25, the put seller will buy at $25 less the cost of the put premiums received ~ $17. Net effect: it is a bullish bet on the stock or at least a bet that it won't be below $17 at expiration. Baird

To: Jay Fisk who wrote (4653)	6/24/1998 10:20:00 AM
From: VincentTH	Respond to of 16960

Jay, How do you know it was a Put short sell and not a protective put buy? //V

To: Jay Fisk who wrote (4653)	6/25/1998 12:16:00 AM
From: Don Westermeyer	Respond to of 16960

Agree in principle - The put/call ratio favored calls again, but the big play today was the 250 July 25 puts sold today for nearly $8. FWIW - I saw 250 July $25 puts bought yesterday so I'll bet it was the same guy was just closing a position for a cool $10K profit. Hope you're right though.