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Technology Stocks : Novell (NOVL) dirt cheap, good buy? -- Ignore unavailable to you. Want to Upgrade?

To: Paul Fiondella who wrote (26111)	3/18/1999 4:53:00 PM
From: E_K_S	Read Replies (1) \| Respond to of 42771

Hi Paul - You did notice where the smart money went yesterday...Remember those 15000 May $20 calls that were rolled over from the April $17 1/2 calls.... It appears that these guys sold their in-the-money calls and bought the May $20 calls to accomplish two things: (1) Take $3.00 off the table and (2) maintain their long position in the company. They paid a $0.50 premium for their roll-over and got it all back with the Merrill Lynch up grade. I have a sneaky feeling that Merrill Lynch brokered these calls for their own account or for a very important customer (ie. Mr. Soros). EKS