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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Tony van Werkhooven who wrote (9554)	11/10/1998 1:31:00 PM
From: posjim	Read Replies (1) \| Respond to of 22640

thanks, Steve...

To: Tony van Werkhooven who wrote (9554)	11/10/1998 2:57:00 PM
From: Steve Fancy	Respond to of 22640

Tony, I have an order in for a bunch of UBB DEC 20C. I find this a cheap way to participate in Brazilian rallies, without the massive time decay that comes with TBR options. I made this move just in case sentiment changes or the announcement comes first thing tomorrow...though I guess I'm not expecting it till Thursday or Friday. I suspect it'll be closer to 45 billion and that oughta be good for a couple day rally, especially if no trouble develops in Congress over the next few days. I think the next rally UBB may get up to the 25 level. May turn these calls into a calendar spread by selling Nov 20's depending on what happens the next day of so. Will pick up TBR options tomorrow...maybe. Good luck, sf