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To: Peter Church who wrote (8018)	6/29/1998 3:31:00 PM
From: F The	Read Replies (1) \| Respond to of 164687

>>someone opened a position with 650 July 50 and 70 puts and matching July 110 calls. I'm not sure if the position is long or short or neutral.<< Hi Peter, My interpretation is they are expecting or thinking of manipulating price to be no more than $110 and around $70 by July exdate but they dare to bet all on $70 so just in case it is around 60, they may still be profitable because they get two right and one wrong. They are actually slightly bearish--downside 30 pts and upside 10 pts. JMO. Felicia