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Pastimes : The Naked Truth - Big Kahuna a Myth -- Ignore unavailable to you. Want to Upgrade?

To: Joseph G. who wrote (6283)	9/17/1998 2:40:00 PM
From: yard_man	Read Replies (1) \| Respond to of 86076

PPT is a myth ...

To: Joseph G. who wrote (6283)	9/17/1998 3:05:00 PM
From: Defrocked	Read Replies (2) \| Respond to of 86076

Quarterly rollover going on. Even though Sep open interest remains at 109,000 versus 357,000 Dec., the percent OI in nearby not out of line with total. What is large is the 2 point spread the pit is making on the contracts today. That 2 point extra transaction cost will take away any premium to fair value. So when you see Dec. at 1030, market is actually 1029/1031, if you're lucky. Pit seems jumpy going into tomorrow's expiration. Japan tonight is on traders' minds. Interestingly, big buy imbalances have recently been met by portfolio managers looking to lighten up rather than through specialist inventory replenishment, according to a trader friend of mine. So buy imbalances at close or opening thought not to be a problem. Trend leaning downward still to him. Just my 2 cents.