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To: SKIP PAUL who wrote (17247)	10/27/1998 11:07:00 AM
From: Jon Koplik	Read Replies (2) \| Respond to of 152472

When I worked on Wall Street, I was one of those people putting on "reversals" or "reverse conversions." (Short the stock, short the puts, buy the calls, earn interest on a portion of the proceeds of the short sale, pay dividend (if any)). Part of the reason I am no longer doing reversals is that the options market is no longer sufficiently "frenetic" to allow options arbitrage traders to occasionally "pick off" the options marketmakers. The point of this -- as of now, short interest figures are more "real" than they used to be (back when reversals were easily "do-able" and executed in large size). Jon.