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To: donald sew who wrote (50456)	8/21/1998 4:57:00 PM
From: AlanH	Respond to of 58727

Donald, I would attribute some of today's bounce to MM/arb settlement for Aug contracts. Somehow I get the feeling that with current market conditions, some players procrastinated until today to balance positions. If such assumption is correct, today could have been much worse. In the final few minutes, I initiated the Sep NDX puts (mentioned previously). I believe there is a better than 50% chance we'll see the post-expiration effect; if we do not, there still appears to be a downside bias going into September. Interestingly, DELL fell off 2pts in the last half-hour -- despite market recovery. Alan