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To: Moominoid who wrote (17196)	1/29/1999 11:27:00 AM
From: Defrocked	Read Replies (1) \| Respond to of 86076

Well, they are definitely trading sardines. I switched this AM from Feb OEX puts to Feb OEX calls, selling my weekend protection for a potential short term upside pop again. NAPM had a few surprises in it, with orders down, not up, in particular. And the admission by Rubin that Clinton (the President himself no less,gasp) has been talking to Brazilian President Cardoso about their financial situation contains inferences IMHO. Rubin also admitted that the US and the IMF are evaluating "steps" they can take to help Brazil. This leads me to believe that the $40 to $50 billion of rollover Brazil must complete this quarter may be rescheduled and extended with IMF assistance and our support. Moreover, Monday's NAPM number may reconfirm Greenspan's prescience by illustrating declining manufacturing and cause many in the market to pant for further rate reductions. FWIW. bloomberg.com