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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (6115)	7/30/1998 5:36:00 PM
From: PEP	Respond to of 22640

Hi Steve, as there was no change in TBH price, I have to assume this was a trade that was agreed upon earlier in the day. A purchase made at the average for the day. Stock traded as high as 127.50. Up as high as 9.50 at the ask. Half is 4.75 which puts us roughly around that 122 5/16 range. Hope that is indeed what happened. Like the action today, although would have liked to see a close nearer to the high of the day. Went out with the family, probably would have hedged against my postion if I was watching the moves today and then covered. I will most definetely sell a staggered covered call postion so I can hold over the weekend with a little more comfort. After being down 30k the day before the auction, I am happy to say I am in the positive and don't wan't that to slip away.