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Technology Stocks : Compaq -- Ignore unavailable to you. Want to Upgrade?

To: Senator949 who wrote (31416)	8/21/1998 8:13:00 PM
From: FR1	Read Replies (2) \| Respond to of 97611

God what a great battle to the finish for options! We started the week with 4.5 million Aug 35 calls out there! The people that wrote those calls fought like hell to try and bring CPQ below 35. They must have been dumping everything overboard. Even a small amount over 35 hurts them big because they get called out and have to either face taxes (if covered calls) or buy the call if naked. They got burned betting against CPQ - we are just over 35.5 The good news is that first, the pressure is off now so CPQ can go up and second, there are not going to be so many call writers betting against CPQ on tight margins next time.