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To: SE who wrote (46850)	6/25/1998 9:28:00 AM
From: Patrick Slevin	Respond to of 58727

A possible ploy may be to try to leg into a credit spread on the puts and attempt to trade the short side back and forth. Just a thought. I don't know about your observation with respect to a summer rally. Whether or not that's true, the cresting of the SPX high certainly must have led to short-covering which accelerated to late innings yesterday. I still think that was pretty predictable but had it gone the other way it still would have happened this morning in any event. It seems it was inevitable.