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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Richard Tsang who wrote (20396)	1/6/1999 11:00:00 PM
From: Zoltan!	Respond to of 77400

Cisco Systems Inc. Dow Jones Newswires -- January 6, 1999 Options Report: Technology Call Sizzle For Another Session By Steven M. Sears NEW YORK (Dow Jones)--The technology sector continued attracting options traders like a magnet. The momentum of stocks blazing across the tape to set 52-week highs proved irresistible. The gains, and deep liquidity, kept the majority of traders and money managers focused on bullish calls on stocks such as Cisco Systems Inc., Dell Computer Corp., Intel Corp., International Business Machines and Microsoft Corp. Hard-charging Internet sector stocks were another market aphrodisiac. "These guys all got new bullets at the beginning of the year. It's the easiest place to go to buy big dollar volume," a trader at the Pacific Exchange said. An IBM trader said people could be afraid to be out of the technology stocks because so much money continues to flow into the sector. "They're throwing price-to-earnings ratio out the window, and they're bidding any tech stock up that they can get their hands on, he said. Volatility, an important sentiment indicator, fell as the stock market advanced to record high territory. The Chicago Board Options Exchange Market Volatility Index, or VIX, fell 0.65, or 3%, to 22.88. Profit taking also was a theme in the market. Boeing Corp., which attracted speculators earlier in the week, saw some of these traders closing positions. Speculators also bought Nike Corp. calls on news reports that professional basketball players had agreed to end their strike with the National Association of Basketball. The start of President Clinton's impeachment trial in the U.S. Senate on Thursday didn't distract traders from making money. Paul Foster, 1010WallStreet.com's options strategist, was slightly unnerved by that and the widespread excitement about the market's advance. He expects a sell-off and he decreased his exposure to the market because of Friday's unemployment report, the corporate earnings cycle and the craze over the euro, Europe's new single currency. Index put options, which can be used to hedge portfolios, were active across the market. The put/call ratio showed that 117 index puts traded for every 100 calls.http://interactive.wsj.com/