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To: John Pitera who wrote (43959)	5/29/1999 12:01:00 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 86076

John, the problem as I see it is the volatility of the OEX. You start losing unless the OEX stays within the $650 to $675 range, and you hit your maximum losses at $645 and $680, settlement. Before expiration day, you would lose less and perhaps even make money in this range. So, you are paying $5 for a $25 price range. You have a maximum profit of $10. So, you are risking $5 to make $10 and giving up interest, as you have a debit spread. This is a lopsided butterfly and I use them, though not in indices. What you want is no or little movement. You have to ask yourself if, one out of three times, the OEX will just sit there. If so, it's a breakeven trade.