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Technology Stocks : Veeco Instruments-Who? -- Ignore unavailable to you. Want to Upgrade?

To: Berk who wrote (1966)	3/24/1999 1:19:00 PM
From: Mark Ivan	Read Replies (3) \| Respond to of 3069

Dick, Carl Dick, I just bought back some May Calls I had short. They went thru quickly, but sometimes VECO options can take a few minutes. Carl, I too added to my position here. Hopefully, this is capitualtion and we go up from here (at least short term). If we hit 40, I may dump what I bought today. I am holding off on selling calls on what I bought today. Mark

To: Berk who wrote (1966)	3/24/1999 10:00:00 PM
From: Carl R.	Read Replies (1) \| Respond to of 3069

Yes. The option market for VECO is very thinly traded, though trading was much heavier than usual today (a hundred contracts must have traded). The premiums are high, the spreads are wide, and you have to pay the spread if you want to play. On the other hand, in the past when I have tried to short VECO, Schwab always calls to say that there are no shares available, so I have skipped several good calls. The last two times I wanted to short VECO I instead sold naked in-the-money calls. Both times it has worked well, this time far beyond my expectations. In fact I wish I had sold the April 35's instead of the April 40's. I am now back in VECO at 38, with covered April 40 calls outstanding at 5 5/8, so I am safe down to 33. Given the heavy buying that kicked in at that range, I doubt we'll see this below 33. Good luck, Carl