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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Terry Whitman who wrote (31692)	10/15/1998 5:52:00 PM
From: Haim R. Branisteanu	Respond to of 94695

Terry I also wrote calls today afternoon unfortunate before the rate cut but still they are around $1 up. Time premium will eat them quickly. Tommorow I anticipate to write some out of the money puts, to hedge if I am wrong. As I do not anticipate any major decline the worst will be to collect the premium on the puts. On another vein, the market failed to react instantly, with the rate cut, it took it 5 to 10 minutes to do so. Therefore I speculate that it is more like a short squize than a bona-fide rally. Aside we are now 800 point above a week ago or over 120 SPX points which translates to 14% from 920 low. Interesting Yen and DM moved up and the gold barely moved in $ terms My 2 cents teh situation is worst than many in the US even think. BWDIK Haim