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To: SJS who wrote (1029)	7/11/1998 7:25:00 AM
From: Thean	Read Replies (2) \| Respond to of 14427

Steve, I took the plunge and snapped up some VRC Sept 20 call for $1 1/8 yesterday. This is for trading only and I have no intention to hold for the next two months. An interesting note on a number of Aug-Sept VRC calls: the stock went down, the out-of-the money premium went up. VRC opened at 17 3/4 and I believed that was when my order got executed. VRC closed at 17 1/2 and the same option is now 1 3/16 - 1 7/16, the same bid-ask as yesterday's close when the stock was 18! I did a thorough scan on DO, VRC, EVI, SII, RON, SDC and NE yesterday and a number of Aug-Sept calls of these companies have implied volatility in between 0.5 - 0.6. Really not a bad deal. While I can't predict how oil will trade next week, but I think there will be some technical bounce in the work. I would buy FGII and NE (stock and maybe July 25 and 22.5 call for 1/8-1/4 if FGII and NE drops further on Monday) for a less-than one week trade. MU - needs to close above $30 near term to further momentum. If the tech bombs on Wednesday after INTC's earning out Tuesday evening, I would short MU. If INTC met expectation says their third quarter is sequentially flat, then the tech rally may resume the next day. In these days, it is hard to kill a rally unless the big name like INTC truly felt flat on its face. LT - agree? SEV - A close below $18 would be a technical breakdown. SEV held $18 today. I also noticed its July 17.5 call premium increased from Thursday to Friday. Something good like DLJ recommendation has better be out Monday or SEV will likely go into newer low's.

To: SJS who wrote (1029)	7/11/1998 9:37:00 AM
From: Lucretius	Respond to of 14427

yea, but nobody cares about that stuff, afterall they're just the fundamentals of the businesses. We all know that a chart and money flow are better to look at when choosing to buy stocks(ggg) Thanks for the article. The mkt continued its deterioration last week, and like the Titanic taking on water, the passengers are all seemingly unaware and still dancing and drinking at the bar even as the ship tilts ever so slightly towards the sinking bow. Be certain of one thing..... this ship is going down. I have no doubt about it. Get positioned. BWDIK? AMAT vomited after the bell on Fri, let's watch the semi's go down for a day or two and then drift higher until INTC vomits, then they'll probably pull back another couple of days before resuming their idiotic climb. This mkt could care less what's actually going on at these companies. We see it evidenced everyday. -Lucretius