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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Tony van Werkhooven who wrote (12131)	1/21/1999 9:44:00 AM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Tony, this crazy country has always has a habit of selling off on good news. I think it'll be short lived. Yes, glad I have the puts, but don't know that I should hold 'em long. I suspect we could see some enthusiasm in US markets as we move towards the close...should bring the bargain hunters out in Brazil at some point today. sf

To: Tony van Werkhooven who wrote (12131)	1/21/1999 10:05:00 AM
From: Steve Fancy	Read Replies (2) \| Respond to of 22640

As I suspected, apparently they passed a watered down version of the SS reform. That explains the sudden change in heart of the opposition last night. I started feeling uneasy about this the more I thought about it last night. I'm bailing from my puts...don't think it'll get much worse. Guess it depends how watered down it was. Wonder what would have happend if the missed the vote...no I don't, would have opened at 45. 1If it does, I'll get back into the 60's. If and as it appears to stabilize...67 or better, I'm adding to my TNE, TSP and UBB options positions...just nibbles though. sf