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To: upanddown who wrote (24774)	6/26/1998 9:54:00 AM
From: SJS	Respond to of 95453

Given that you feel it will be flat to down over the summer, why would you buy an eroding value long call (erodes from time value) that will have its value further eroded with a flat to negative market? If you think that the market will be going down buy puts. You'll pay alot of premium for that call and it will all evaporate over the summer. Given your analysis, I would sell a LT call on the sector for those months (till October), and buy a call when it get to September for Jan/Feb 99.