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To: Berney who wrote (4078)	9/23/1998 5:47:00 PM
From: MonsieurGonzo	Respond to of 11051

Berney; RE:" tortuga project " ok - found them all now, TraderBerney. TO & OTTR went absolutely nuts today - we are 1 day too late :-( ...but we are obviously on the right track ! BWLA - Bowl America is in the Yahoo database, but too thin for quote.com -- market cap is $30 million and avg daily turnover is 1600s/day; suggest we throw this fish back in the lake. You found a lot of interesting UTIL stocks there, Berney - but none of them are like the ersatz bonds, that we stumbled across, with the peculiar drop-after-dividend (tradeable) pattern and 7.9% APR yields. I'm gonna continue scanning to see what else is in this particular niche. They go ex-dividend 25-SEP, so I believe tomorrow 24-SEP is the last chance to grab PCQ OPJ KPC APJ AZD JRL PGB income for this quarter. They should then drop, and that's where I want to try to scalp-long for a fraction. oh man, 1000s BT - Bankers Trust would have been a friggin' great trade @ 60-1/2 Monday... catch the 6.6% APR yield ex-dividend date (today), leg into short 9 Oct 70 covered CALLs tomorrow or Friday to exit. Dude, I should follow my own analyses sometimes (^_^) Keep your powder dry, Berney ! -Steve

To: Berney who wrote (4078)	9/23/1998 11:12:00 PM
From: MonsieurGonzo	Read Replies (1) \| Respond to of 11051

Berney; RE:" Ersatz Bondz " Here are the ones that I have found so far... APJ - Appalachian Power 8.25% DEBS A AZD - Arizona Public Service 10% MIDS A CSJ - Columbus Southern Power DEBS A DTD - Detroit Edison 8.5% QUIDS JRL - Cincinnati Gas & Electric DEBS 30-JUN-05 KPC - Kentucky Power 8.72% series A OPJ - Ohio Power 8.16% DEBS A PCQ - PaciCorp 8.375% QUIDS PGB - Portland General Electric QUIDS They all become ex-dividend 25-SEP and have a payout date 30-SEP as part of a quarterly pay schedule. Thus, tomorrow, Thursday 24-SEP is the last day to buy them and qualify for their dividends - Friday being ex-dividend (please correct me if I am mistaken about the precise timing of ex-dividend dates). These are high Annual Percentage Rate yielding instruments; given today's closing prices... APJ -- 7.91% AZD -- 9.41% CSJ -- 8.03% DTD -- 8.29% * JRL -- 7.94% KPC -- 8.25% * OPJ -- 7.90% PCQ -- 8.05% PGB -- 7.89% Their stock prices always drop, typically gap-down open, between ex-dividend date and payout date. Their stock prices tend to gain from this drop up to the next quarterly payout date, presenting us with a tradeable phenomena. So, the anticipated price drops should take place either Friday or Monday. There is about 3/8 to 3/4 point, typical, between the high and low of their swings after the ex-dividend dip. These things don't grow, generally - but they don't decay, either. * From a T/A perspective, DTD - Detroit Edison is the most interesting - and stable - of the bunch : it has no Trend whatsoever, being in orbit around 25.375 median - with three, 0.125-increment bands above and below. It's a "buy" at or below 25.125 (8.48% yield) and a "sell" at or above 25.625 (8.31% yield). If one were to buy 1000s DTD after the drop at say, ~25.125 and sell, say 980s at ~25.625 - the resulting 20s ($500 kapital gain) would yield 8.48% APR, for example. Such a strategy, ( if successful ;-) would be equivalent to a ~$500 contribution per quarter to an 8.4% APR account, while preserving principal. Other tactics are possible; I am just beginning to explore the potential of this tradeable phenomena. * I find KPC - Kentucky Power to have the second most regular T/A cycle : it appears to have a median of 26.0, with a lower support around 25.75 (8.47% yield) and an upper resistance around 26.25 (8.31% yield). AZD looks tempting because of its high yield, but it also has a long-term DownTrend, and does not drop and retrace up in a clockwork fashion like the others. -Steve