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To: Gersh Avery who wrote (3850)	9/9/1998 1:50:00 PM
From: MonsieurGonzo	Respond to of 11051

Gersh; RE:" Yen " >Looks like the yen bounced off your line very nicely... I tell you what - I'll be the guy in the back room, and you be the trader in the front office - and we'll both do better (^_^) Damn LatAm is falling away from me, Gersh - I should have just played it like a momentum trade, rather than looking for some bounce to take a short position. Check out EWW BZF AF and CH. -Steve

To: Gersh Avery who wrote (3850)	9/9/1998 5:04:00 PM
From: MonsieurGonzo	Read Replies (3) \| Respond to of 11051

Gersh RE:" gravestone doji on MSFT daily close..." ...consider, 2:1 = long 100P : short 105P But true delta neutral for this PUT Ratio BackSpread probably requires (a lot) more contracts to get (a net credit taken in for the position) the exact delta ratio. If it runs away from you (up), you get the net credit taken in. If MSFT collapses (down), your profit is open-ended; though you would have to break ~97 support to really hit the torque-curve of the 100P's leverage effect. -Steve