in regards to the stock, tell me about it.  
flat price me thinks we go nowhere for a while. think the next push down doesnt come again until late october.  im buying z 300/250 put spread for 11.  still looking for 3.1 by end of season.  probably 2.95-3.0 for nov 31.  who wants baseload gas for dec in that scenario?
aga's... think high 70's is neutral the market.  if it comes out 70-85 you can shit on vol.  that'd be good for me.



 -----Original Message-----
From: 	"Lafontaine, Steve" <steve.lafontaine@bankofamerica.com>@ENRON [mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40bankofamerica+2Ecom+3E+40ENRON@ENRON.com] 
Sent:	Tuesday, August 21, 2001 11:45 AM
To:	Arnold, John
Subject:	RE: rumours

dont blame you-but my long straddle position worked great(30 vols in one
day-sorry im sure it was a tuff day for you hedged my merc short well). im
gonna try again this time altho at higher vol levels(bot some from magee). i
think if we get a aga less than 70 or more than 80 well see a big move.more
a gamma play this time.flat price im pretty neutral till i see the aga.
number shud come in around 81-82 ish but after last week who the hell knows.
im not bullish by eany means but the s&d has titened a bit on a relative
basis. if i dont see 80 ish injections ill be neutral and be trading more
short term and opportunistic than previous.
  man the enron stx getting smoked-they better pay you more cash this year
and save the options, or at least give you some lower strikes.

-----Original Message-----
From: John.Arnold@enron.com [mailto:John.Arnold@enron.com]
Sent: Tuesday, August 21, 2001 12:37 PM
To: LaFontaine, Steve
Subject: RE: rumours


With skilling gone I move up one spot...from 147th to 146th.

This market sucks!!  Right back where we were before the # last week.  I
have so little interest right now.  just glad i held onto the short
straddle position.  wish i had something intelligent to say but i don't.

    -----Original Message-----
   From:   "Lafontaine, Steve" <steve.lafontaine@bankofamerica.com>@ENRON

[mailto:IMCEANOTES-+22Lafontaine+2C+20Steve+22+20+3Csteve+2Elafontaine+40ban
kofamerica+2Ecom+3E+40ENRON@ENRON.com]


   Sent:   Thursday, August 16, 2001 4:02 PM
   To:     jarnold@enron.com
   Subject:  rumours

   the new rumour is youre skillings replacement-thats even better than the
   aga



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