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To: Bruno Cipolla who wrote (40811)	12/22/1998 5:03:00 PM
From: Night Writer	Respond to of 97611

That is what I thought but didn't know the exact numbers. This has gotten a little complex. The CBOE may not be reflecting market value because the options are thinly traded. Give me a little while to puzzle over this one. NW

To: Bruno Cipolla who wrote (40811)	12/22/1998 5:24:00 PM
From: Night Writer	Read Replies (2) \| Respond to of 97611

Do you have the same number of calls in each position?

To: Bruno Cipolla who wrote (40811)	12/22/1998 5:42:00 PM
From: Night Writer	Respond to of 97611

Using your numbers. If you exercise options: DEYAH 40 - CPQ $10 5/8 a share (-$30) DEYAJ 50 - CPQ $20 5/8 a share (-$20) DEYAL 60 - CPQ $30 5/8 a share (-$10) If you sell the options DEYAH 40 31 3/8 - 30 = 1 3/8 DEYAJ 50 21 3/4 - 20 = 1 6/8 DEYAL 60 11 5/8 - 10 = 1 5/8 Time value is about equal on all options. IMHO Difference is only due to thin trading. If I had the bucks, I would exercise them all. If I didn't, I would exercise as many as possible using the sale of higher options to pay for the lower ones. Nice option play. I don't know what you paid, but you have to making some good bucks. NW