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To: Terry Whitman who wrote (44772)	6/3/1999 12:05:00 AM
From: Lucretius	Respond to of 86076

open interest is mechanical fundamental of the mkt. You cannot have a large decline w/ more put open interest than calls. volume in the options mkt is just another measure of sentiment.. which i find fundamental since mkts are driven by it. The last few yrs should make it pretty obvious that earnings, revenues, debt, and book value cannot drive the mkt as they should for long periods of time due to heroin induced sentiment -g- of course.. the wirthdrawl pains form that heroin when things like earnings, book value, etc start to matter again can often cause death tot he patient -g-