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To: jjs_ynot who wrote (2829)	12/26/1998 10:27:00 AM
From: sam	Read Replies (1) \| Respond to of 4903

Actually, you raise a few excellent point. Options can be used to hedge one's investment. Buying puts or selling calls. You may sleep a little easier if you're nervous about a stock plummeting. All investors should educate themselves as to the choices available to them. And, dave, you are right about ONSL being extremely volatile. That's why the traders love it. Personally, I'd love to see some stability for a while. But that's just me.

To: jjs_ynot who wrote (2829)	12/26/1998 12:42:00 PM
From: M31	Read Replies (1) \| Respond to of 4903

dave s RE: Anyone investing in options should read "Options as a Strategic Investment" by McMillan. Good book. Another, more from a trader's practical standpoint, is McMillan on Options. Chapter 4, The Predictive Power of Options, has some germane advice about screening out option volume increases that are not precursors of movement in the underlying stock. If almost all of the option volume is concentrated in one series (that is, just one call or just one put), then it is unlikely that anything special is going on with that stock. Now what was all that fuss about $18,000 worth of Jan 120 calls? M31