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To: Thean who wrote (1081)	7/15/1998 5:54:00 PM
From: drsvelte	Read Replies (1) \| Respond to of 14427

"Took a sizeable loss yesterday on that damn @#$%#$@. Used the proceed to go long FGII and VRC (still have it) and here I'm, 3/4 of my loss recoverd in a day." A most excellent move! I am too gunshy of the drillers at this point to fool with them. I seem to be better trading the Internuts and closing out my position at the end of the day. Its getting a bit harder, though, as the volumes are sagging. I alot of good earnings out today(even though expectations have been lowered). Even AAPL!

To: Thean who wrote (1081)	7/15/1998 6:11:00 PM
From: Alias Shrugged	Read Replies (1) \| Respond to of 14427

Thean Thank you for sharing your thoughts on the drillers. I did two things on monday which seemed to have worked out - (1) bought gobs of MDCO at 12-1/2 and 12-5/8 and also lots of VRC at 17; (2) I bought out of the money August driller calls (GLM 20s; RDC 22.5). I do want to sell August Calls once we peak short-term, but I may still participate in the upside through the longs calls. Something else I did monday afternoon. Bought July 12.5 MDCO Puts and sold July 17.5 Puts for $4.5 credit. Risk was $.5; reasonably gain was $1.5 to $2. Have closed out 1/2 of the short puts. I finished buying my CPQ August puts - 27.5, 30 and 32.5. I will buy August calls prior to Friday expiration; I would like to see CPQ drop a little more prior to buying. Take Care Mike