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To: Jeffrey S. Mitchell who wrote (15071)	7/27/1998 9:13:00 AM
From: Patrick Slevin	Respond to of 17305

Interesting. But it probably won't work for me, I'm a dyed in the wool day-trader and cannot conceptualize position-trading the market. I imagine one way would be to sell ITM calls against positions or the market and take far OTM calls to hedge, taking the scalp on the premium. Other than that, I need to be in and out very quickly as I don't have the intestinal fortitude to hang on to a spoo contract overnight or an OEX/SPX option for more than 2 or 3 days. Now if he could say it was going to crash at 10:05 Eastern, he'd have my full attention.