---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on 
02/01/99 09:51 AM ---------------------------
   
	Enron Capital & Trade Resources Corp.
	
	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)      
                      01/28/99 08:52 PM
	

Please respond to trials@optioninvestor.com
To: Option Investor Newsletter Trials <trials@optioninvestor.com>
cc:  (bcc: Mark - ECT Legal Taylor/HOU/ECT)
Subject: Thursday Option Investor Newsletter 1 of 2



The Option Investor Newsletter         Thursday  1-28-99
Copyright 1999, All rights reserved.
Redistribution in any form strictly prohibited.

Posted online for subscribers at http://WWW.OPTIONINVESTOR.COM

Also provided as a service to The Online Investor Advantage

Published three times weekly, Sunday, Tuesday, Thursday evenings.
************************************************************
MARKET WRAP  (view in courier font for table alignment)
************************************************************
        1-28-98         High     Low     Volume   Advances Decline
DOW     9281.33 + 81.10 9301.15  9203.57  850,761k  1,552   1,423
Nasdaq  2477.34 + 70.20 2477.47  2438.26 1018,400k  2,067   1,933
S&P-100  632.23 + 10.88  632.95   621.35   Totals   3,619   3,356
S&P-500 1265.37 + 22.20 1266.32  1243.17            51.9%   48.1%
$RUT     423.97 +  2.85  424.19   421.13
$TRAN   3078/33 - 10.77 3114.27  3059.52
VIX       28.61 -  2.75   30.51    28.40
Put/Call Ratio      .51
*************************************************************

What happened to Brazil? Did Intel or Yahoo buy it?


From the 180 degree change in market sentiment we had today you
would think that Brazil was taken over by an Internet stock.
The Intel split announcement and the Yahoo announcement of it's
takeover of GeoCities energized the market and revitalized the
tech sector. Brazil was hardly even mentioned in the days news
after they reported on the maturity date changes before the
market opened.

On top of the blooming optimism at the open Alan Greenspan
actually blessed the Internet sector during a testimony in
Washington. He said basically that he thought investors were
viewing Internet stocks as "lottery ticket" plays were the
odds were much better. He pointed out that analysis of future
earnings and growth was actually culling the good plays from
the bad ones. He said that historically investors often buy
on faith companies that they anticipate to do well before any
actual earnings exist and the Internet sector is no different.

When you consider that there are 68,000 new Internet surfers
coming online every day it just makes sense that the only
five year old Internet will continue to grow at an exponential
rate. With that user growth the leaders will quickly amass
larger audiences while the smaller less efficient providers
will either fall by the wayside or be taken over. Free enterprise
is a wonderful thing and tends to continually prune itself of
excesses and reward hard work and innovation. Enough preaching
but did you know that of the 31 analysts that follow AOL, 28
either recommend a buy or strong buy, even at these prices!!

The Nasdaq was the clear winner again today, setting a new
closing high. The leaders were the four horsemen, MSFT +5.38,
INTC +4.44, DELL +5.38, CSCO +5.44. Most of the Internets
were up double digits again and show no signs of stopping.
I would remind you that Internets have been weak on Fridays
of late as traders take profits from the week.

The Dow was led today by the same stocks that took it down
yesterday. JPM +4.31, C +1.69, T +4.63, MO +2.25, GE +1.94.

Contrary to news hype the Dow traded in exactly the same range
as it traded yesterday only without the end of day drop.
The 9250-9300 range only provided a positive day today due
to the -70 drop at the close yesterday. The market did not
"get well" over night. It just recovered from the spike
caused by two sell programs at the close. Check out a chart!

I really hate to keep coming back to this but the advance/decline
ratio only barely broke even today. The NYSE adv/decl 1552/1423
was only positive by 129 and the Nasdaq 2067/1933 was positive
by 134. This is definitely not a major move and not a major
reversal of the down trend. This could be the start of a new
uptrend but the proof is in Friday's numbers.

I got some hate mail for being somewhat cautious (bearish) in
last nights commentary. When the market had fallen from a +90
high to only +30 at 2:30 this afternoon I was really worried
that the caution was justified and it looked like we could
close negative for the day. I don't feel like a word of
caution after a bad day is particularly bearish but until
Brazil resolves it's problems I believe it bears watching.
When your life savings is invested in the market it is sheer
stupidity not to watch anything that can cause problems. You
would not ignore a rattlesnake in your closet just because
you can't see it today. Eventually it will come out and
probably when you least expect it.

Friday is a wildcard. Futures are up +2.00 and it looks
bullet proof but I know Murphy's law is alive and well.
About the only thing you can count on for tomorrow is more
volatility. It would not surprise me to see techs suffer
from profit taking. Whenever a stock is up double digits
for the week it is a prime candidate.

Good Luck

Jim Brown




*******************************************************
Market Posture
*******************************************************
As of Market Close - Thursday, January 28, 1999

                   Key Support
Broad Market         /Resistance    Last    Posture/Since  Alert
****************************************************************

DOW Industrials    9,100   9,730   9,281    Neutral   1.15
SPX S&P 500        1,210   1,280   1,265    Neutral   1.12
OEX S&P 100          600     635     632    Neutral   1.12
RUT Russell 2000     420     435     424    Neutral   1.12

NDX NASD 100       1,900   2,010   2,105    BULLISH   1.26
MSH High Tech        930     980   1,021    BULLISH   1.26

                   Key Support
Technology           /Resistance    Last    Posture/Since  Alert
****************************************************************
XCI Hardware         830     875     934    BULLISH   1.26
CWX Software         610     665     677    BULLISH   1.26
SOX Semiconductor    360     410     406    Neutral   1.8
NWX Networking       420     450     446    Neutral   1.8
INX Internet         470     570     564    Neutral   1.8

                   Key Support
Financial            /Resistance    Last    Posture/Since  Alert
****************************************************************
BIX Banking          650     710     645    BEARISH   1.22
XBD Brokerage        630     725     689    Neutral   1.14
IUX Insurance        590     620     574    BEARISH   1.21

                   Key Support
Other                /Resistance    Last    Posture/Since  Alert
****************************************************************
RLX Retail           800     860     866    BULLISH   1.28 *
DRG Drug             740     795     776    Neutral   1.26
HCX Healthcare       720     780     762    Neutral   1.26
XAL Airline          310     350     293    BEARISH   1.22
OIX Oil & Gas        245     260     229    BEARISH   1.14



Posture Alert

A positive showing from the equity market has firmed the
bullish bias driven by M&A activity, decent earnings results,
favorable economic data, and a stock split from AOL and
Intel.  After advancing and closing into record territory, we
have turned Bullish across the Retail.  We caution investors,
however, that the current rally has been driven by a few
blue-chip companies and that several key industry sectors are
still trading at or below their 50-day moving averages including
Banking, Insurance, Airlines and Oil & Gas.

A detailed description of our Market Posture and its
applications can be found at:

www.optioninvestor.com/marketposture

******************************************************
Market Sentiment - By Pinnacle Capital Advisors
******************************************************
Percent Bearish Below 30%

According to Investors Intelligence readings, the percentage of
those who are bearish is now only 28.2%.  Investors Intelligence
publishes the percentage of newsletter writers who are "Bullish"
or "bearish" on a weekly basis.  When pessimism evaporates, the
market may be nearly a correction. This is significant because
such a low number of bears suggests that much of the available
capital is ALREADY invested and very little remains to fuel
additional market advances.

Just by way of benchmark, the percent of "bears" back on July 17,
1998 clocked in at 23.3% - just days before the start of a major
sell-off.

Other sentiment indicators are still flashing BEARISH
overtones over the near-term so we advise subscribers to
tightly protect their long positions.
Any questions regarding market sentiment can be directed at:
pinnacle@optioninvestor.com


Market Sentiment at a Glance
********************************************************************
                                Friday      Tues     Thurs
Indicator                       (1/22)     (1/26)   (1/28)   Alert
********************************************************************

Pinnacle Index (OEX):
-----------------------------------------------------------------
Overhead Resistance (620-635)     1.4        1.9        1.7
Underlying Support  (595-610)     1.3        1.3        1.4


Put/Call Ratios:
-----------------------------------------------------------------
CBOE Total P/C Ratio               .5         .5         .5
CBOE Equity P/C Ratio              .4         .4         .4   *
OEX P/C Ratio                     1.2        1.1        1.1


Peak Open Interest (OEX):
-----------------------------------------------------------------
Puts                              610        610        610
Calls                             610        610        610
P/C Ratio                         .9         .9         1.19


Market Volatility Index (VIX):
-----------------------------------------------------------------
CBOE VIX                         32.85      29.35     28.61   *



Investors Intelligence:
-----------------------------------------------------------------
Bullish                          60.0%      60.0%     60.7%   *
Bearish                          30.0%      30.0%     28.2%   *




The Power of Expectation Analysis

It has often been said that the crowd is right during the
market trends but wrong at both ends.  Measuring and
evaluating the sentiment of the crowd, therefore, can give
savvy option traders a decided edge.


Pinnacle Index
-----------------------------------------------------------------
OEX                             Friday     Tues     Thurs
Benchmark                       (1/22)     (1/26)   (1/28)
-----------------------------------------------------------------


                    (630-635)      2.7        3.2      3.4
                    (620-625)      1.1        1.3      1.1
Overhead Resistance (620-635)      1.4        1.9      1.7

OEX Close                       610.38     627.17   632.23

Underlying Support  (595-610)      1.3        1.3      1.4
                    (605-610)      1.0        1.0      1.1
                    (595-600)      1.9        1.9      1.9

Average ratings:
Resistance levels 2.0 / Support .5

What the Pinnacle Index is telling us:
Overhead sentiment resistance is Moderately weak at the OEX
620/635 level while the underlying support is moderately weak.



Put/Call Ratio (10-Day Moving Average)
-----------------------------------------------------------------
                                Friday     Tues      Thurs
Strike/Contracts                (1/22)     (1/26)    (1/28)
-----------------------------------------------------------------
CBOE Total P/C Ratio              .53        .54        .53
CBOE Equity P/C Ratio             .40        .42        .41
OEX P/C Ratio                    1.15       1.13       1.06



Peak Open Interest (OEX)
-----------------------------------------------------------------
                     Friday         Tues           Thurs
Strike/Contracts     (1/22)         (1/26)         (1/28)
-----------------------------------------------------------------
Puts                 610 / 11,153   610 / 10,675   610 / 11,645
Calls                610 / 11,865   610 / 10,926   610 / 10,683
Put/Call Ratio       .94            .98            1.19












Volatility Index (VIX)
-----------------------------------------------------------------
                    Major
Date                Turning Point       VIX
-----------------------------------------------------------------
October 97          Bottom              54.60
July 20, 1998       Top                 16.88
October 8, 1998     Bottom              60.63
January 11, 1998    Top                 26.38

January 22, 1999                        32.85
January 26, 1999                        29.35   *
January 28, 1999                        28.61   *







Investors Intelligence Survey
-----------------------------------------------------------------
                    Major             Percent     Percent
Date                Turning Point     Bullish     Bearish
-----------------------------------------------------------------
October 97          Bottom            22.0        48.3
July 20, 1998       Top               52.0        24.0
October 8, 1998     Bottom            38.5        42.7
January 11, 1999    Top ?             58.3        30.0

January 26, 1999                      60.7        28.2   *




Please view this in COURIER 10 font for alignment
*****************************************************
RESULTS THIS WEEK

Index Last       Mon   Tue    Wed    Thu   Week
Dow       9281 82.65 121.26 -124.4   81.1 160.66
Nasdq     2477 30.43  64.10 -26.27   70.2 138.46
$OEX       632  5.68  11.11  -5.82  10.88  21.85
$SPX      1265  8.79  18.33  -9.14   22.2  40.18
$RUT       424 -0.33   3.22  -4.21   2.85   1.53
$TRAN     3078 49.17  26.47 -50.34 -10.77  14.53
$VIX        29 -0.82  -1.18   2.51  -2.75

Stock Price   Mon   Tue   Wed   Thu   Week

AOL     174.44  5.56  8.86 10.50  8.94 33.86 Another 2:1 split on schedule
MSFT    174.00  5.63  9.69 -2.94  5.38 17.76 Dip buying en masse
SEPR    111.75  2.25  2.50 -2.00  9.50 12.25 Reaction to LLY's Prozac #s??
SUNW    109.31  3.06  5.56 -1.19  3.88 11.31 Dip buying en masse
DELL     94.19  1.88  3.63  0.00  5.69 11.20 Time for a pullback
BBY      90.44  3.63  3.63  2.13  1.81 11.20 Time for a pullback
LXK     110.31  4.88  3.88  1.31  1.00 11.07 Ditto
VOD     197.63  3.25  2.88  0.13  4.00 10.26 Looking very strong
NOK/A   154.00 -0.56  1.38 -0.13  8.75  9.44 Split Candidate with Earnings
EMC     106.88  3.50 -0.25  0.06  5.06  8.37 Internet storage gorilla
CEN      80.38  2.38  3.06  1.50  1.38  8.32 On a split run
CVC      70.50  2.13  1.31  1.57  2.63  7.62 New pick
CLX     121.69  1.43  2.57  0.81  2.50  7.31 New pick,Defensive play
CSCO    108.88  0.63  3.69 -3.69  5.44  6.07 Split Candidate on Monday
XLNX     83.50 -1.06  5.44 -2.75  3.69  5.32 Dip buying en masse
WCOM     79.88  2.81  0.25 -0.38  2.31  4.99 At resistance.
MU       75.25 -1.50  2.88 -0.38  3.75  4.75 Influenced by INTC excitement
ORCL     53.69  1.19  1.81 -1.88  2.69  3.81 Dip buying en masse
ANF      73.00  2.13  2.06 -0.19 -0.75  3.25 Consolidating
DH       63.06  0.31  0.63  2.13  0.06  3.13 Great showing Wednesday
WMT      85.13  0.00  1.56  1.63 -0.06  3.13 Slow and sure
XIRC     45.00 -0.06  0.38  1.56  1.13  3.01 Gaining momentum
VIA/B    85.00  0.44 -0.88  1.00  2.13  2.69 Gaining momentum
SNC      40.25  1.19  0.56  0.06  0.69  2.50 Consolidating
UTX     116.94  1.25  1.44 -1.38  1.06  2.37 Dow bull rider

PUTS

AVP      35.63  0.00 -1.13  0.13 -0.94 -1.94 Breaking down
DD       52.69  0.44 -0.88 -0.75 -0.44 -1.63 Breaking down again
BKB      36.31 -0.50 -0.38 -1.19  0.75 -1.32 Leaking
AMR      54.50  0.38  0.25 -2.69  1.31 -0.75 Losing altitude
BAC      64.88 -0.38  0.25 -2.81  2.75 -0.19 Leaking
AVT      44.81 -0.75  1.38 -1.31  0.56 -0.12 Continued weakness
AXP     100.44  3.00  0.25 -2.31  1.00  1.94 Continued weakness
PHSYB    70.38  1.75 -0.56 -0.44  1.50  2.25
PG       87.81 -1.69  1.94  0.75  1.50  2.50 On the edge
BDX      36.31  1.94  0.56  0.25 -0.19  2.56 Selloff still intact
CPB      47.00  1.25 -1.44  2.00  0.88  2.69 Soups getting cold
MRK     142.44 -1.50  6.50 -0.25 -1.31  3.44 Dropped
WLA      72.13 -0.44  1.63  3.13 -0.13  4.19 Dropped
HSY      63.94  2.50  0.00  0.44  2.00  4.94 Dropped


PICKS WE DROPPED
****************
When we drop a pick it doesn't mean we are recommending a sell
on that play. Many dropped picks go on to be very profitable.
We drop a pick because something happened to change its
profile. News, price, direction, etc. We drop it because we
don't want anyone else starting a new play at that time.
We have hundreds of new readers with each issue who are
unfamiliar with the previous history for that pick and we
want them to look at any current pick as a valid play.


CALLS:
******

None


PUTS:
******

HSY - $64.00 2.00 (5.50) Stopped out of position at $62.25
today (1/28).

MRK - $142.50 -1.25 (3.50) Stop out of position on Wednesday
(1/27) on drug stock rally at $145.25.

WLA - $72.13 -.13 (4.13). Stopped out of position at $72.25 on
Wednesday (1/27) on drug sector rally.



PICK NEWS - CALLS
*******************************************************
EMC $106.88 +5.06 (+8.38) EMC set a new high today and closed
near the high.  The positive press just continues to roll in.
There was an article by The Motely Fool yesterday that is worth
reading if you trade EMC.  Some of the highlights of the
article are that EMC's market share in the data storage market
has grown from 28% to 32% while IBM's has decreased from 24% to
20%.  The Internet and E-commerce should continue to drive
EMC's sales, as 8 of the 10 largest Internet service providers
already use EMC storage systems.  Also in the news today,
Gruntal & Co. started coverage on EMC with a buy rating.

ORCL $53.69 +2.69 (+3.81) ORCL set a new high today, and closed
slightly below its old high.  In the news, ORCL's Japanese
subsidiary priced it initial public offering today.  It is
expected to be one of Japan's hottest IPOs in many months.
Like many US IPOs, it is expected to soar on the day of its
debut.  ORCL's ownership in the company will fall from 91% to
85% after the public offering.  The other news item that is
probably helping ORCL a little is Informix, the No. 5 maker of
database software, announced better than expected earnings.
(which is likely to raise expectations for ORCL).

UTX $116.94 +1.06 (+2.38) UTX set a new 52 week high at $118.75
after the open on Wednesday, and has traded down since then.
As we have said on numerous occasions, with the lack of news,
UTX will mirror the Dow.  In fact, if you look at its daily
chart from today you will see what we mean.  UTX took a dip
shortly after noon and recovered towards the close.  We haven't
had any news on UTX, but the Street did like the announcement
last week about UTX deciding to sell its underperforming
automotive unit.

MU $75.13 +3.63 (+4.63) Micron was off slightly yesterday, but
today it gapped up at the open and kept on going.  We said on
Tuesday that while Micron's current quarter ends in February,
and earnings won't be released until sometime in March, the
stock will react to any news on other chip stocks in the
meantime.  Most of the sector is in the middle of earnings
releases.  A 2-for-1 stock split by chip sector leader Intel
can only be positive for the other chip stocks.  Look for MU
to continue moving higher in sympathy.

NOKA $152.75 +7.50 (+8.19) Nokia saw a nice jump in its stock
price today ahead of tomorrow morning's earnings report. If
you sold this afternoon, you locked in your profits and you
can jump back in tomorrow if the numbers look good and/or
they announce a split.  Those who held over should note that
earnings will be reported before the NYSE opening bell, so the
stock will gap up or down accordingly.  Rival Ericsson just
reported strong earnings and received an upgrade.  Nokia has
been looking even stronger than Ericsson in recent months, so
we are hoping for big news in the morning.

WMT $85.44 +.25 (+3.44) The King of retailers is back to its
old ways--a slow but steady climb in price, which is why we
picked them up again. WMT is sitting just below the intra-day
high it set on Tuesday of $85.94, which is it's only resistance.
WMT had a 389,000 share block trade Wednesday at $84.00. This
is both a momentum play and a split candidate (which we would
expect with earnings).

BBY $90.44 +1.81 (+11.19) Best Buy keeps powering ever higher,
today setting a new intra-day high of $91.94. BBY seems to have
found a successful retail formula, and they sell what consumers
want most these days: technology products. Everything is
increasing for this company: total number of stores, same store
sales, market share, profit margins, and stock price. Higher
selling and administrative costs also showed up on their last
quarterly report, but they were part of an effort to improve
performance and increase volume. The only thing that declined
was their interest expense, and that is very positive. Sales
for most of the holiday period will show up in the current
quarter, so there is probably still good news yet to come.

DELL Computer $94.19 +5.69 (+11.19)  We often note that
volume is critical to sustained price moves, and bemoan
Dell a bit on its lighter volume.  Fortunately, trading
volume swelled yesterday and today to 23 million and 21
million shares, respectively; average is 17.5 million.
Dell traded flat yesterday, but was up $5.69 today to a new
all-time high.  There is still room to run as Dell blasted
through resistance with no immediate end in site.  Protect
your profits with stops and confirm direction first before
playing. Earnings are scheduled after the close, February
16.

CSCO - Cisco Systems $108.88 +5.48 (+6.07)  Cisco was
wholloped yesterday into the $103 range, but made it all
back, and then some, today on strong volume.  NASDAQ is on
a tear with CSCO as the 3rd highest weighted stock in the
NASDAQ 100.  Market willing, expect further advances into
earnings.  CSCO is also a split candidate with enough
shares authorized to announce a 3:2 split along with
earnings scheduled for release on February 2.  The run has
begun.  Dips are buyable.  Confirm upward movement first
and use stops to protect your profits.

AOL - America Online $174.75 +9.25 (+34.27)  Same league as
Microsoft.  AOL announced $0.17 earnings yesterday, $0.03
better than estimates, and a 2:1 stock split (effective
February 22).  Volume swelled to almost 20 million shares,
both yesterday and today, sending AOL into orbit.  Buying
pressure is still on as AOL closed at a new all-time high.
Resistance is weak at $176, its all-time trading high set
today just before the close.  AOL's new target price is
$210 and now occupies a top 10 position in the Fidelity
Magellan Fund.  With so much profit built in, remember to
use stops.  Dips are buyable.  Market permitting, the sky
is the limit.

WCOM - MCIWorldCom $79.88 +2.31 (+5.00)  Here we are again;
WCOM just can't seem to break resistance at $80.  Market
willing, it looks like we'll get another chance to crack it
tomorrow.  Wait for penetration of $80 with strong volume
before making a play.  Still benefiting from Supreme Court
ruling against the Baby Bells, WCOM is rumored to soon be
announcing the start of a new consumer Internet service,
different from UUNET, its business ISP.  In its acquisition
of MCI, WCOM was required to shed its consumer ISP
division, Cable and Wireless, in order to gain Federal
approval for the merger.  Dips are buyable, but wait for a
clear reversal.

MSFT - Microsoft $174.00 +5.38 (+17.75)  A nice surprise,
MSFT still wants to run following it's stellar earnings and
Monday's 2:1 split announcement (effective 3/26),
contingent upon shareholder approval.  We expected a
pullback, but not as small as the one we got.  After losing
less than $3 yesterday, MSFT closed today at a new all-time
high, just $0.06 off its highest trade on 53% higher than
average volume -- extremely bullish.  If the market
continues up, MSFT will too since they are the largest
component of the NASDAQ 100.  As always, confirm market
direction first [don't forget to use stops]

DH - Dayton Hudson $63.06 +0.06 (+3.12)  Slow and steady;
that's the way the parent company of Target Stores moves.
Volume was a little light today -- only 1.3 million shares
traded.  Yesterday, DH gave us a nice $2+ pop on 2 million
shares (2 million average).  70,000 shares traded at the
close yesterday at a price of $63, lending some support at
this price.  No news this week.  Look for small rises to
continue if the market cooperates.  1189 institutions own
89.5% of the 395 million shares in float leaving about 40
million shares in daily float to trade.  Translation:  not
many sellers; extra volume will tend to goose the price.
Dips are buyable on a reversal.  DH is a more conservative
play.

ANF $73.00 -0.75 (+3.25)  After the $4.19 run it made on
Monday and Tuesday, ANF was due for some profit taking.
Wednesday, it lost $0.19 to humor us.  Thursday, ANF
teeter-tottered back and forth between green and red for most
of the day but then finally decided to finish negative.
ANF seems to be consolidating before resuming its course.
Just to be sure, wait for ANF to show upward movement again
before initiating new positions.

SEPR $111.75 +9.50 (+12.25)  Geez, when we initiated coverage
of this pharmaceutical company on Tuesday, we planned on
seeing the stock gradually increase.  Instead, the stock
pleasantly surprised us by spiking up +$11.25 during Thursday
trading.  It even broke above the new 12 month price target
of $112 set by BancBoston Robertson just last Friday.  However,
it couldn't hold on and finished the day at $111.75.  The
uphill spurt may in part be due to news of improved sales of
Eli Lilly's depression drug named Prozac.  Lilly and Sepracor
are currently working on an improved version of Prozac (which
loses its patent protection sometime after 2001).  Set your
stop losses tight to prepare for any subsequent profit taking.




***** Play updates continued in section two *****



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*************************************************************
                      DISCLAIMER
*************************************************************
This newsletter is a publication dedicated to the education
of options traders. The newsletter is an information service
only. The information provided herein is not to be construed
as an offer to buy or sell securities of any kind. The
newsletter picks are not to be considered a recommendation
of any stock or option but an information resource to aid the
investor in making an informed decision regarding trading in
options. It is possible at this or some subsequent date, the
editor and staff of The Option Investor Newsletter may own,
buy or sell securities presented. All investors should consult
a qualified professional before trading in any security. The
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