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To: Thean who wrote (1914)	8/19/1998 8:19:00 AM
From: Alias Shrugged	Respond to of 14427

Thean Trading the past two weeks has been, uhhh, kinda volatile! As you know, I have puts and calls on CPQ and HD. And these suckers have been moving in a somewhat narrow range. Finally, CPQ is moving. Going into monday, I was running 50 Aug 35 calls and 20 Aug 37.5 calls long against 20 aug 25 calls short. I have taken profits on 35 of the 50 aug 35s (sold most for 1-7/8); I will sell the rest of the 35s today (hopefully for 3 or 3.5); then I hope CPQ drops back to 35 for expiration. If it continues upwards (is it possible for CPQ to hit 39 or 40?), I will sell the 37.5s also as I have 40 aug 40 calls. Wierd things do happen - I thought these calls were toast - of course, this means all my puts (at 32.5, 30, 27.5, etc.) are garbage. Oh well, as long as I net out profitable. What is with CPQ popping up at the close? Has done this twice in the past 1-1/2 weeks. HD is boring me. I would like to see up or down 4 points. Please!! This environment rewards nimble trading; he who plants his flag and stands his ground gets run over!! Mike