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Technology Stocks : Qualcomm Incorporated (QCOM) -- Ignore unavailable to you. Want to Upgrade?

To: Anthony who wrote (19579)	12/11/1998 5:22:00 PM
From: Thomas Sprague	Read Replies (3) \| Respond to of 152472

Anthony, No magic in that, for every buyer a seller an vis versa. But IMHO, having followed the price movement of the Q very closely for the past three years, it is acting somewhat different and strangely confident the past few days in light of Ericy news. Six months ago the Q would have been dwn 6$ on yesterdays news. (8$)? TDS

To: Anthony who wrote (19579)	12/13/1998 3:14:00 PM
From: Jon Koplik	Respond to of 152472

Anthony - regarding : All, I just noticed QCOM Jan 55 call contracts traded 2930 contracts, with an open interest of only 1336 as of yesterday. Does this means that an equal number of people are bearish and bullish on the stock or does it means bullish/bearish when volume shoots up like that? Any option guru on the thread care to explain today's action. Thanks. I (in theory) sort of know something about stock options. (I worked as an "upstairs" options trader for two different periods in the 1980's). Upstairs means on a "trading desk" (up in some office building) as opposed to being one of those people on the options exchange trading floor. (Those of us who were upstairs traders imagined ourselves as the "John Meriwether, M.B.A., nice clothing" type of people, while the guys (or women) on the "floor" were the "street fighter" type of people). (I also always assumed that a good trader on the floor made a lot more money than those of us upstairs). Anyway, to answer your question -- unfortunately, nothing of any use can be deduced from that day's trading. The options could have been against a block of stock. They could have been against some wacko over-the-counter option (i.e. -- a derivative that is more anonymous than a listed options trade), or something else weird. Jon.