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Technology Stocks : OnSale Inc. -- Ignore unavailable to you. Want to Upgrade?

To: M31 who wrote (2820)	12/25/1998 7:15:00 PM
From: sam	Read Replies (2) \| Respond to of 4903

First, if your point was that the options will expire worthless if the stock ends precisely at 120 on the strike date -- then I must congratulate you on stating the obvious. Options play, however, is just a bit more sophisticated than that. Second, I never posted "that an open interest of 360 contracts in out of the money calls indicates that the stock is going to almost immediately double." What I DID say (I apologize if I wasn't clearer), is that traders often look at activity in out of the money calls for an indication of what position "the smart money" is taking. Perhaps, as you imply, the purchaser of those calls is simply an exuberant fool playing with his 'dumb money.' Perhaps not. Only time will tell. I was simply calling attention to the fact of their purchase. If it is meaningless or 'bogus' to you...then so be it. Third, I hope ONSL does not double on Monday since my current position is very small. Merry Christmas to you, too!