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To: Cynic 2005 who wrote (38590)	5/5/1999 11:24:00 AM
From: John Pitera	Read Replies (1) \| Respond to of 86076

mohan I copied that In-proces R&D portfolio ...many thanks I did not go look at the number of may put contracts outstanding on RMBS, but if what mark said is accuarate that there are many more puts open on rmbs than calls. then they would act as a buffer to the downside, since shorts will be covering on the way down. Cramer has written article's on how he will arb a stock that he has in the money puts on when the stock has a swoon down. I think mark was just saying any decline would be a bit softer. we'll see -g-