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To: Richard Streetman who wrote (21130)	12/9/1998 11:59:00 PM
From: Sam Scrutchins	Read Replies (2) \| Respond to of 213186

I would appreciate anyone's opinion about the motives of the big seller using INCA. Richard, I don't know if there is a connection. I haven't the time or the proper analysis software to judge, but there sure was a lot of options call activity today, spread out thru next July. Looks to me if some big players are making bets right now. The issue is whether they are covering or speculating. Sam

To: Richard Streetman who wrote (21130)	12/11/1998 2:03:00 AM
From: Golden Bear	Respond to of 213186

The Call Options Paradox: anyone care to solve this? During the last two days, the Dec 32.5 and Dec 35 Calls "open interest" increased 773 and 280 contracts, respectively. Yet the Dec. 37.5s and Dec 40s decreased 315 and 23 contracts. My first thought was someone wrote some new calls, knowing the stock would be pinned under 32.5 at options expiration next week (perhaps the same party who is driving down the price); they would expire worthless. But if this were the case, why would parties close out positions in the Dec 37.5s and Dec 40s? Surely these will expire worthless? Would appreciate input from the board on this one. 2nd topic, I noticed today certain market makers (INCA, Bloomberg) were more interested in buying back shares (covering?) than jumping inside the ASK, compared to yesterday.