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To: Thean who wrote (2675)	9/8/1998 4:56:00 PM
From: SJS	Read Replies (1) \| Respond to of 14427

Two records: 16:13 NASDAQ GAINS 94.3 TO 1660.8. ALSO HITS DAY GAIN RECORD. 16:13 DOW INDUSTRIALS CLOSE UP 380.5 TO 8020.7; LARGEST DAY POINT GAIN EVER.

To: Thean who wrote (2675)	9/8/1998 11:01:00 PM
From: Alias Shrugged	Read Replies (2) \| Respond to of 14427

Yes, the Bulls had a good day today. My CPQ position is relatively flat; my WMT and HD positions are bleeding, but luckily I have no shorts - just puts (long puts are bad enough). From this position, further up destroys the sept. puts but will allow me to buy jan puts at good prices. If we head back down, I will make some money on my puts. Right now, I am barely above water on all of my puts. But seeing a put run up to 4 or 5, then retrace back down to $1.50 is no fun. And if stocks prices stay the same, it will drop from $1.50 to ZIP. It is unclear how long slowing corporate profits will take to filter into PEs and stock prices. But warning season is upon us and then earnings. I will be buying Jan puts on further advances. I hope the dumb bastids run the thing up another 400. Finally, a while back I offered the advice (which I largely ignored) of buying cheap calls on days when stocks were getting smashed. These could turn a profit in their own right or allow one to hedge. Late thursday or friday was the day for calls. Next time, I will buy calls and scream to the thread to do the same. <G> Deteriorating global financial conditions are not some fantasy; they are real and will impose a cost sooner or later. Good Luck Everyone Mike