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To: Nemer who wrote (16160)	9/4/1998 6:08:00 PM
From: Iceberg	Respond to of 53068

Nemer and Dan, thank you both very much for your detailed explanation of "discount to cash"! I wasn't aware of the symbols, or that this would get into the arbitrage arena. I saw the DJIA make the 100-point nose dive followed by a quick recovery this afternoon, but I didn't realize it might have been related to program trading and arbitrage. From what I understand from your explanation Dan, the arbitrageurs must function as somewhat of a stabilizing force in the market, even though they may cause some short-terms gyrations. Glad I have a 3-day weekend to look into this some more. Fascinating stuff. Thanks again, Ice

To: Nemer who wrote (16160)	9/4/1998 9:06:00 PM
From: Ron McKinnon	Read Replies (1) \| Respond to of 53068

SPU SPX PREM etc too complicated for this poor dumb and tired fisherman score card Thur Tuna 1 Ron 0 Sharks 0 Ron 3 Stocks light red Fri Tuna 1 Ron 0 Shark 0 Ron 1 Stocks pink to neutral When i go for sharks i get skunked but trying for tuna the toothy ones are all over us; up to 11 footers hooked a Charlie each day but lost them after about 20-25 minutes maybe the lesson here is to short a stock I want to buy long about 25 minutes after I thought it was a bargain great long and safe weekend to all