---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/15/99 09:20 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  xtrials@optioninvestor.com (Option Investor Newsletter     Trials)
                       01/14/99 09:28 PM

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

The Option Investor Newsletter         Thursday  1-14-98
Copyright 1998, All rights reserved.
Redistribution in any form strictly prohibited.

PICK NEWS - CALLS (continued)
*******************************************************
AOL  $144.50 -$1.25 (-2.00)  Hmmmmm-AOL flat for the week?
NOT!!  We deliberated whether to keep or drop AOL today,
but decided to keep it.  Read on.  AOL spiked up to close
at $165 earlier this week and has shed $20 in the last 3
trading days since.  Especially noted was the drop of $9
yesterday on 25 million shares (10 million more than
average-not a good sign).  Today though, AOL held up well
in the face of strong down-market forces on lower than
average volume.  It is, after all, the most stable of the
Internet stocks and is not going away.  While AOL feels
comfortable like a family pet, remember it's a trade that's
gone against us, and normally we would get out.  But with
the shaky Brazilian market perhaps drastically affecting
the rest of Latin America, we think the bad news and fear
is already in this stock.  We think of it more like a
rubber band stretched in reverse where the farther it's
stretched back, the harder it will snap forward.  It's
nerve-racking waiting for the bounce, but AOL is a split
candidate over $120 and should give us a great performance
once it snaps.  With a record breaking Christmas and 22,000
new users every day, AOL's earnings should be great.  Look
for the split announcement any day, or at the latest, with
earnings due Feb. 9 per Zack's. (There has been some
confusion on the actual date; Motley Fool board says as
early as Jan. 27.  We'll keep you posted.)  Still an
Internet-guts required.  Play with caution.

WCOM  $71.00 $2.94 (-4.00)  In this type of trading
environment where the "big picture" whollops the average
company press release, it pays to sit on the sidelines.  We
warned in Tuesday's letter that WCOM may need to
consolidate a bit before moving up, and urged discipline
before entering another trade.  We hope you waited.  WCOM
is still a great play, but we still need to wait for the
recovery before playing this pick.  They are now at their
30 day moving average and should bounce off it, market
permitting.  $70 is their support price.  Wait for the
bounce.  If it breaks below $70 and holds, we'll re-
evaluate and likely drop it.  WCOM is in high-bandwidth
content delivery tests with AOL, which should be successful
and more fully implemented through Bell Atlantic and SBC's
DSL services.  Remember too, they just won the FTS2000
contract (worth $5 billion)to provide the U.S. Government
with voice and data services for the next 8 years

T  $82.13 -$2.63(-$2.93)  AT&T is holding up quite well
given the market retrenchment this week.  The need to move
voice and information throughout the world will not
diminish, even in a down market.  AT&T could actually
become a low cost producer who benefits from cost-conscious
users exercising corporate belt-tightening.  It behaves
like a safe haven in a down market and a tech stock in an
up market.  Volume has been heavy over the last 2 days.  If
investors wanted to dump this stock, we'd have seen more
damage to the price.  Support is at $82 with better support
at $80.  AT&T's prospects are still great with the
integration of TCI helping to complete the "last mile" of
service availability to your home.  AT&T continues to melt
the copper in favor of fiber replacement at every turn.
Wait for the bounce and confirm market direction before
playing.

DELL  $77.63 -$1.69 (-$0.18)  Dell is holding up nicely
this week given the weak market performance.  Dell's volume
has also been weak.  We spoke with investor relations and
are now able to determine that volatility has greatly
diminished, and since their split in September, volume too.
Dell used to trade 50 million shares per day on average.
As the daily average is figured, the high numbers drop off
and new, lower numbers replace them.  This will naturally
reduce the average until it more closely resembles the
actual daily trades currently taking place.  It should not
be long until these 2 more closely resemble each other.  In
other words, the low volume is no longer cause for alarm
and supports our original assessment that huge daily price
swings are a thing of the past.  Dell's story is still the
same-big sales increases, more markets served, higher
margins.  When Dell's news season picks up (Feb.-March
according to investor relations), Dell will again be on
investors' radar screens.  Nothing's changed; they're just
a little quieter.  Still on our favorites list, consider
the slight retrenchment as a buying opportunity when the
market gets over its jitters.  Now's a good time to scale
into the trade, but confirm market direction first.

LXK $97.00 3.25 (-3.56) LXK fell with the rest of the market
on Thursday. We still like LXK with earnings coming up on
the 19th of January and the strong possibility of a stock
split. The Open Buying on the Internet(OBI) standard has taken
another leap forward with the adoption of Lexmark Interna-
tional's new OBI-compliant Internet purchasing system.  The
Kentucky-based printing solutions company has adopted a new
system that eliminates many of the manual processes Lexmark
previously used to purchase indirect materials.  Lexmark
has partnered with SupplyWorks, a Web-based purchasing
services company.  For the first time, buyers are not required
to purchase software to manage supplier connections.

LOW $51.38 -.31 (-3.31) LOW showed some nice strength today
with a loss of .6%. The DOW went down over 2%. LOW was
listed as one of the stocks picked in the dartboard contest.
Whether the professionals picking LOW is good or not is
a decision you'll have to make (just kidding). Look to last
Sunday for why LOW is a pick.  LOW's has earnings in mid-
February.  No new news.

ATI $78.81 +1.56 (-.19) ATI bucked the trend on Thursday, and
went up. Rumors continue to circulate about ATI being merged
with either BellAtlantic or Vodaphone. It's rumored that VOD
is offering in the range of $90 a share. The question now is
whether Bell is willing to raise its bid to match VOD. Thursday's
price increase was mainly due to this speculation. Bell did
just get notice from the SEC that its bid would classify as
a pooling of interests.  ATI is still $11 away from the rumored
bid by Vodaphone.

LU $105.93 +1.69 (-9.32) LU is a great company, with stock
split possibilities, and earnings coming up: so why are we
dropping it? We aren't. We have re-added LU to the pick list.
Last Tuesday we dropped LU because of the buyout situation
with Ascend. On Wednesday, the deal went through and it seems
LU has finished dropping. LU opened on Wednesday at $98.50,
yet closed at $104.50. LU is scheduled to report earnings on
January 21st. This date is in debate. We will try to get the
official date from LU directly. Though they are just short
of shares necessary to do a 2-1 stock split, they could
announce a split with earnings, contingent to the vote on
increasing shares in February.

BUY CALL FEB-105 LU-BA OI=1395 at $ 9.25 SL=6.75
BUY CALL FEB-110 LU-BB OI=4290 at $ 6.75 SL=5.00
BUY CALL APR-110 LU-DB OI=2978 at $11.25 SL=8.50
BUY CALL APR-115 LU-DC OI=3300 at $ 9.00 SL=6.50

XIRC $38.13 .50 (-.37) XIRC has held up pretty well through
this market debacle.  Earnings are on January 21st and XIRC
has announced earnings with surprises of no less than 10% over
the last four quarters.  This normally will help XIRC to have
an earnings run into the announcement. XIRC's 10-dma is at
$37.00. Watch for upward movement before initiating new plays.

PICK NEWS - PUTS
******************

PUT PICK NEWS WAS NOT AVAILABLE BY PRESS TIME DUE TO
TECHNICAL PROBLEMS AT PINNACLE.

******************
NEW CALL PLAYS
******************

COF  Capital One Financial $127.18 1.18 (-.12 for this week)

Capital One Financial, a financial services holding company,
is the parent for Capital One Bank, one of the US's top 10
credit card companies. Using the information on consumers in
its massive databases, the company solicits Visa and
MasterCard customers by mail. The company's 3,000 variations
of annual percentage rates, credit limits, finance charges,
and fees range from platinum and gold cards for preferred
customers to secured and unsecured cards for customers with
limited credit histories. Other subsidiaries include a
federally chartered savings bank that offers credit cards,
consumer lending, and deposit services and a company that
provides internal support services.

COF is near its 52-week high and when this stock breaks out,
it tends to really go. We feel with earnings coming up on the
19th of January and the possibility of a stock split, this
could end up being a great play. COF is sitting right on its
20-dma and held up pretty well compared to the market. Watch
for upward movement and then jump on for the ride.

Preliminary numbers for credit card numbers are looking very
positive for the holiday season. An analyst at JP Morgan feels
that COF outperformed its peers. An analyst at Goldman Sachs
stated; "The combination of strong fees driven by account
growth improvement in core credit is likely to produce very
strong earnings visibility at both Capital One and Providian."
Earnings are expected to come in strong.

BUY CALL FEB-125 COF-BE OI=118 at $9.38 SL=6.75 ITM $2.18
BUY CALL FEB-130 COF-BF OI=188 at $6.75 SL=5.00
BUY CALL MAR-130*COF-CF OI=916 at $9.75 SL=7.50
BUY CALL MAR-135 COF-CG OI=  0 at $7.88 SL=6.00 (NEW STRIKE)

Picked on Jan 14th at $127.18   PE=30
Change since picked     +0.00   52 week low =$ 50.56
Analysts Ratings    9-4-3-0-0   52 week high=$132.50
Last earnings  10-98 est=1.00   actual=1.00
Next earnings  01-19 est=1.04   versus= .86

Chart = http://quote.yahoo.com/q?s=COF&d=3m
************************************************************
TLAB - Tellabs $80.69 -$0.44(+$6.38 this week)(P3W $10.18)

Tellabs is quickly becoming a powerhouse in the Telecom
equipment industry. With their TITAN and CABLESPAN systems,
and its DXX multiplexers, TLAB is raking in the money from
customers among the telephone companies, cable operators,
and government agencies.  Though they faded from news of
their failed merger of Ciena, Tellabs is still a major player.

TLAB spiked up $13 last Tuesday to $78 on 11 million shares,
$8 higher than resistance previously set at $70.  We thought
it would quickly fall back; we were wrong.  TLAB drifted back
to $74, then spiked $5 to $79, on average volume of 3.5 million.
Over the previous 3 trading days, it gained in market weakness
while giving back only $.44 in heavy trading in a downright
bearish market-a terrific sign of strength.  Technical
indicators are positive, so is the chart indicating a small
correction already taking place.  3.5 million shares traded
daily; 147 million shares in float; $3.14 per share in cash;
34% return on equitystrong fundamentals.   TLAB will be a
winner when the market turns.  We expect them to announce more
contracts in the coming weeks.  Recent news is capturing
investors' eyeballs, making for a good story.

Here goes.  Monday, Warburg, Dillion Read raised ther rating
to a "buy" citing raised earnings per share estimates to $2.35
and $2.93 from $2.30 and $2.85 for 1999 and 2000, respectively.
They further stat, "fundamentals for the telecom equipment
group has improved over the past few months which improves
visibility for Tellabs" and "Our checks with Tellabs will
report fourth quarter 1998 results slightly better than our
$0.58 earnings per share estimate, as well as having a positive
outlook for 1999" (Reuters).  Also, rumors surfaced last week
that TLAB was a targeted buyout/merger candidate, but were
quickly squashed.  Not soon enough though to draw investor
attention to the price move.

BUY CALL FEB-75 TEQ-BO OI= 776 at $9.63 SL=6.75,ITM
BUY CALL FEB-80 TEQ-BP OI=1267 at $7.00 SL=5.25,ATM
BUY CALL FEB-85 TEQ-BQ OI= 885 at $4.63 SL=2.75,OTM
BUY CALL MAR-80 TEQ-CP OI= 603 at $8.75 SL=6.50,ATM-more time
BUY CALL MAR-85 TEQ-CQ OI= 851 at $6.63 SL=4.75,OTM-more time

Picked on Jan. 14th   $80.69            PE= 38
Change since picked   $00.00            52 week low =$33.38
Analysts Ratings 15-11-3-0-0            52 week high=$93.12
Last earnings on 09-98 est=.46  actual=.49
Next earnings on 01-26 est=.59  versus=.42

Chart = http://quote.yahoo.com/q?s=TLAB&d=3m
************************************************************
DIS - Disney $36.06 -.06 (+3.50)

Striving to be the premier entertainment company, Disney has
revenues of $10,055.1 million. It is involved in movies,
television, theme parks and resorts, home video, travel,
books, music, theater, and creative design. Recently, It has
added an internet portal in a joint venture with Infoseek, in
which it has a 43% stake.

The past year has been tough for Disney, due to high
programming costs at its ABC division, and to weak demand for
its products in Asia.  Last week Merrill Lynch's Jessica
Reif Cohen lowered earnings estimates for the current fiscal
quarter from .27 to .23, and for the fiscal year ending Sept.
1999 from .91 to .86. She cited softness in consumer products
and broadcasting operations, and continued weakness in Asia.
However, three other analysts believe the stock is oversold
and that DIS is experiencing a recovery.  On Jan.12th, Goldman
Sachs raised their rating from Neutral to Outperform, and
Salomon Smith Barney raised theirs from Neutral to Buy. On Jan.
11th, ING Baring Furman Selz upgraded DIS to Buy from Hold.
On Jan. 12th, Disney and Infoseek launched their new
Internet portal site, Go Network (www.go.com).  Numbers show
that it will be one of the top 5 sites on the Internet.
Following the upgrades and the new portal launch, Disney
stock has performed well. Its chart looks good and it has
pushed through the major moving averages. Although it was
down today along with a lot of other stocks, it is still
up $3.50 for the week, showing strength.

Disney is still ironing out final details for production
and technical workers to return to work following a one
day strike on Nov. 3rd. Their contract had expired 3/97. The
company has named Thomas Schumaker a new president and put
him in charge of its animated movie and theater business. Also,
DIS may acquire Goldenbooks and is interested in Livent Inc.,
a theater co. When the market resumes its upward movement,
look for Disney to move back up.  Earnings are due out by
next Thursday (1/21) according to First Call.

BUY CALL FEB-35 DIS-BG OI=2699 at $3.13  SL=$1.50
BUY CALL FEB-40 DIS-BH OI=1061 at $1.00  SL=$0.00
BUY CALL APR-35 DIS-DG OI=7780 at $4.13 SL=$2.50
BUY CALL APR-40 DIS-DH OI=6098 at $2.00 SL=$1.00

Picked on Jan 14th at  $36.06           P/E=33
Change since picked:  +  0.00           52 week low =$22.50
Analysts' ratings 2-10-11-0-0           52 week high=$42.78
Last earnings on  9/98 est=.15 act=.16  surprise=7%
Next earnings    01-21 est=.26 versus .36

Chart = http://quote.yahoo.com/q?s=dis&d=3m

*************
NEW PUT PLAYS
*************

Adobe Systems, Inc. (ADBE) - $47.69
Software

Adobe Systems, Inc. (ADBE) is a leading provider of publishing
and imaging software technologies, and the second largest
desktop software company in the world with annual revenues
approaching $1 billion. Adobe develops, markets and supports
computer software products that enable users to create,
display, print and communicate all forms of electronic
documents. Computer application products accounted for 78%
of fiscal 1997 revenues and licensing, 22%.

The Company continues to be cautious about licensing revenue
in the short term due to weak Japanese market conditions and
uncertain timing of OEM customer introductions of products
incorporating Adobe's latest technologies. The Company is
coming out of a recent restructuring and trying to focus its
resources on high growth revenue opportunities in digital
color, color inkjet, short-run on-demand digital printing,
and digital copiers... although licensing revenue is likely
to be flat in the short-term. Other risks include product
shipment delays, market acceptance of new products and
upgrades, declines in printer licensing business.

Stock likely to fail at key resistance point of $48.
Declining relative strength and aggressive earnings
projections may disappoint. Many analysts have a hold on the
stock. Slight distribution taking place among top
institutional shareholders. Likely to test 52 week lows.

Play: Failed Rally

BUY PUT FEB-50 AEQ-NJ OI=123 @ $4.63 SL=3.00
BUY PUT FEB-45 AEQ-NI OI=6 @ $2.06 SL=1.00

Chart = http://quote.yahoo.com/q?s=ADBE&d=3m

COMBINATION PLAYS   Bang! Booommm! Craaash!...What was that???
******************************************************************
January 13, 1999 update

U.S. stocks crumbled at the opening on Wednesday morning on news
that Brazil's central bank president had resigned, sparking an
across-the-board flight to quality that rocked world stock markets.
The Dow was off 136, the Nasdaq down 113 and many issues had not
yet begun to trade. By mid-morning, stocks were on the rebound,
lifted by a recovery in Brazil and massive bargain hunting. By
noon, the panic was gone and many traders were selling partial
positions to lock-in gains. At the close, the Dow fell 125 points
to 9349.56 and recouped more than half its early losses. Even so,
the decline was viewed as a reminder of market vulnerability after
a series of record highs.

Our portfolio was very active. We will begin with the new plays:
LU was the focus of our attention and it dropped hard with the
rest of the high visibility techs. The stock traded as low as $96
but the first option prices available for the FEB105C/110C left
us with a debit of $1.75. Morgan Stanley raised its rating of LU
to a "strong buy" late in the morning and that helped the stock
move higher through the day. LUV was the next offering and it was
also significantly lower at the open. The first few trades on the
FEB22C/25C went through at about $1.25 debit. LEVL was far less
affected by the morning activity and the best we could do on the
FEB30C/35C was $3.25 debit. DIS was our personal play-of-the-day
and we managed to trade along with everyone else (fighting the
overwhelmed internet brokerages) with a $4.00 opening cost-basis
for the JAN00-40C/FEB40C LEAPS/Calendar spread.

In other portfolio plays; It was a great opportunity to double-up
(reducing the cost-basis) on some of the more favorable debit
positions. AOL and OXHP were our candidates and these stocks were
down at the open. The prices were: AOL, FEB155C/160C at $1.50 and
OXHP, FEB17C/20C at $1.00. We will reflect these separate trades
in the monthly summary. Of course, some of the calendar spreads
were in need of a correction and we used the opportunity to pare
losses from the recent run-up. Short positions were closed on:
ATI; JAN70C at $7.00, GM; JAN70C at $11.00, and PCS; JAN22C at
$2.38.

T was quite a mover! In the morning melee, we purchased the JAN80C
at $2.50 (with the stock price near $82) and subsequently closed
the FEB80C during the midday rebound for $8.50.

One other opportunity arose on the NXTL straddle. The MAY35P could
have been closed for $5.25, leaving the long (call) option; MAY30C
at cost of $2.87.

January 14, 1999 update

U.S. stocks tumbled Thursday afternoon as the impeachment trial
against the President added pressure to an already shaken market.
Political instability is a catalyst for investor uncertainty and
that was evident as the DJIA fell 228 points to 9120, erasing all
the big gains for 1999. The Nasdaq Composite Index was also lower,
down 40 points at 2276. Stocks have been poised for a downturn
following the recent run-up in prices but some thought the strong
U.S. economy would protect the stock market from the impeachment
drama. However, the trial opened in an investment climate that had
already been shaken by the devaluation of Brazil's currency and
jittery investors flocked to the exits.

On Thursday, we used the morning bounce to fill some of our open
calendar positions: On ATI, we rolled up to the FEB75C at a bid
price of $7.25; GM was also moved to a diagonal spread with the
sale of the FEB75C for $8.50 and PCS was moved to the next higher
strike with a FEB25C at $2.87. These spreads are no longer neutral
and are now more aggressive with the new strike positions but we
expect all of these stocks to remain at-or-above current prices.

For Friday, we still have a number of suspect issues. CPQ and CD
are near the sold strikes and we may need to close those positions
before the day is over. FTU is fading as the merger speculation
dwindles and LU is still "one to watch" as the ASND deal unfolds
and the company earnings report aproaches. Good Luck!

    - NEW PLAYS -
******************************************************************
CIEN - Ciena Corp.  $18.68     Merger Speculation

CIENA Corporation designs, manufactures and sells architecture,
dense wavelength division multiplexing systems for fiberoptic
communications networks. In September, Ciena and Tellabs cancelled
their merger agreement and shares in the rival equipment makers
fell sharply after Ciena's financial outlook soured, primarily
because an expected contract from AT&T fell through. In early
January, coverage was initiated by Prudential as the telecom
sector started to soar. Then the share price spiked on speculation
the telecommunications equipment-maker might find a merger partner
after the announced purchase of Ascend by Lucent. Some say there
is a market rumor that Cisco Systems is preparing a bid of $25-$28
per share for Ciena. Technically, the stock price is back in a
recent trading range around $17 (November-early December) and we
will use this previous support and the excellent OTM premiums to
create a favorable play.

PLAY (very conservative):

BUY  CALL FEB-12.50 EUQ-BV OI=351  A=$6.75
SELL CALL FEB-17.50 EUQ-BW OI=4098 B=$3.25
NET DEBIT TARGET=$3.38 ROI(max)=47%

PLAY (conservative):

BUY  CALL FEB-12.50 EUQ-BV OI=351 A=$6.75
SELL CALL FEB-20.00 EUQ-BD OI=281 B=$2.12
NET DEBIT TARGET=$4.38 ROI(max)=71%

Chart = http://quote.yahoo.com/q?s=CIEN&d=3m
******************************************************************
SDTI - Security Dynamics  $25.50     Put-Credit Spread

SDTI provides enterprise network and data security solutions to
help companies conduct business securely, protect corporate assets
and facilitate electronic commerce. Most of the recent lawsuits
have been forgotten and the analyst upgrades have had a positive
effect. The company started a market trial program designed to
simplify implementation of higher levels of security for customers
like IBM and also introduced SecurWorld, a new flexible program
for delivering two-factor authentication on the web. Just a good
technical play with Internet bias. The stock price is trading
above all recent resistance and the current trend remains bullish.

PLAY (aggressive):

BUY  PUT FEB-17.50 QSD-NW OI=25 A=$0.87
SELL PUT FEB-20.00 QSD-ND OI=12 B=$1.38
NET CREDIT TARGET=$0.62 ROI=33%

Chart = http://quote.yahoo.com/q?s=SDTI&d=3m
******************************************************************
SRCM - Source Media  $20.87     Put-Credit Spread

SRCM is a provider of on-demand information and programming
through cable television and telephone lines, using the company's
proprietary digital operating systems to mass market consumers.
Source Media delivers more than 15,000 advertiser-driven audio
programs. Customers can subscribe to Source Media audio content
and have it featured on their web site as a type of Internet radio
show. The company has launched new audio programming with online
broadcaster, Broadcast.com which includes weather, sports and
stock news. SRCM says the roll-out of Internet audio shows means
it now has content and advertising on personal computers, digital
cable TV and telephones. A rumored deal with American Online may
also be causing some of the buying pressure and the stock has good
technical suppport around $17.

PLAY (aggressive):

BUY  PUT FEB-15.00 SQ-NC OI=2   A=$1.38
SELL PUT FEB-17.50 SQ-NW OI=280 B=$2.00
NET CREDIT TARGET=$0.75 ROI=$42%

Chart = http://quote.yahoo.com/q?s=SRCM&d=3m
******************************************************************
AAPL - Apple Computers  $41.38     Put-Credit Spread

AAPL designs and manufactures and markets personal computers and
related personal computing and communicating solutions for sale
to business, education, home and government customers. A few weeks
ago, shares of Apple jumped after its iMac consumer PC was named
the top-selling personal computer at the retail level during the
month of November. Not only was the iMac the leading product, it
has been the number one selling PC since its introduction back in
August. The iMac has captured 5.9% of retail unit sales and it was
the only PC to break into the top five best-sellers group in four
months.

Now the bad news; one day after reporting excellent earnings, APPL
dropped $5.12 when an analyst voiced concerns about the pricing of
its iMac. This surprise downgrade comes even as the computer maker
reported revenues that easily surpassed Wall Street expectations.
The APPL chart looks negative from a short-term perspective but
there is still a long history of support around $37. Play this one
on downward momentum by opening the long position first. Then sell
the short position when the stock price firms, to create the credit
spread.

PLAY (aggressive):

BUY  PUT FEB-$35.00 AAQ-NG OI=400 A=$1.18
SELL PUT FEB-$37.50 AAQ-NU OI=400 B=$1.75
NET CREDIT TARGET=$0.75 ROI=42%

Chart = http://quote.yahoo.com/q?s=AAPL&d=3m
******************************************************************
REFER TO THE MID-WEEK PLAY OF THE DAY...SUNW...
******************************************************************
SUNW - Sun Microsystems  $94.50     Calendar Spread/LEAPS

SUNW supplies enterprise network computing products including
desktop systems, servers, storage subsystems, network switches,
software, microprocessors and a full range of services.

Personally, I just like this company from long-term perspective
and the "Covered-calls on LEAPS" strategy is a favorable way to
take advantage of the extreme near-term option premiums.

Please refer to the January 12, newsletter article concerning
SUNW for more information:

http://www.optioninvestor.com/playoftheday/index.asp

PLAY (conservative/long-term):

BUY  CALL JAN00-100 LSU-AT OI=1580 A=$19.63
SELL CALL FEB-100   SUQ-BT OI=3181 B=$5.87
NET DEBIT TARGET=$13.50 ROI TARGET=100%

Note: In the long-term calendar spread, we are reducing the net
cost of the LEAP by the amount of credit from the sale of the
nearer term call. If the near-term call expires worthless, we will
sell the MAR call to further reduce our debit. If your short-term
position is ITM on the last day of the strike, you need to buy it
back so that you DON'T have to exercise the long-term position. In
that case, your LEAP is going up in value also and on the last day
of the strike period, the short call will shrink down to intrinsic
value so you will be ahead in the play even after you buy it back.

Chart = http://quote.yahoo.com/q?s=SUNW&d=3m

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---------------------- Forwarded by Mark - ECT Legal Taylor/HOU/ECT on
01/15/99 09:20 AM ---------------------------

	Enron Capital & Trade Resources Corp.

	From:  trials@optioninvestor.com (Option Investor Newsletter     Trials)
                      01/14/99 09:18 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  1-14-98
Copyright 1998, 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)
************************************************************
        1-14-98         High     Low     Volume   Advances Decline
DOW     9120.93 -228.63 9359.08  9087.72  797,953k    880   2,145
Nasdaq  2276.82 - 39.99 2338.29  2276.36 1015,400k  1,898   2,175
S&P-100  600.85 - 11.98  614.39   599.06   Totals   2,778   4,320
S&P-500 1212.19 - 22.21 1236.81  1209.48            39.1%   60.9%
$RUT     420.10 -  4.76  426.99   420.10
$TRAN   3080.28 - 89.14 3180.96  3077.42
VIX       34.74 +  3.48   36.79    31.33
Put/Call Ratio      .70
*************************************************************

Japan, Asia, Russia, Brazil. Who is next??

Another day, another excuse for profit taking. The market sold off
again with the Brazilian flu along with a dose of impeachment blues.

The market started down early and showed little interest in turning
around. The rumors from Brazil were all negative. Coupled with the
resignation of yet another government official the rumor that the
Central Bank was set to let the Real float knocked the Brazil market
for another -10% loss. Floating the Real, the Brazilian currency,
would be a drastic devaluation since the currency would then be free
to find its own level.

Floating could start the domino theory fall of all the surrounding
Latin American countries that depend on Brazil for trade. Chile and
Argentina would be the first to go. If South America were to devalue
as a group then the countries who export to South America would be
put on a diet. The U.S., depending on who you talk to and what area
they reference, exports to South America account for between 17-25%
of our total. Companies like Colgate derive 40% of their revenue from
Latin countries.

If the feared event happened then the results would be drastic. The
companies who derive a large percentage of their business from there
would suffer huge earnings shortfalls. Layoffs could occur, plant
closings, etc. That would be the extreme but it is possible. Possible
but not probable. There are many things that can and will happen
before we get to that point. Rest assured that every Fed head in the
world is concerned about the Brazil problem. The IMF will be very
interested in preventing this scenario. Cardosa is very interested.
Power and pressure are being brought to bear. The Brazil Central
Bank issued a strongly worded press release stating they would use
every means at their disposal to prevent floating the Real. They
said they would use their $50 bln in reserves to protect the Real.
This was only minimally comforting to the market this afternoon.
Memories of many other countries last minute claims to the same
intent, and then immediate devaluation, are fresh. Russia was the
latest. While analysts feel there could be serious impacts from a
possible worst case, they also feel that the market has now discounted
the most likely scenario which is months of protracted, painful,
negotiations ending in an agreement of some sort to yet another bail
out. No harm, no foul. Just uncertainty.

Meanwhile the market has now "corrected" five percent off its record
high of just last week. My how short our memory can be. 9643, only
five trading days ago. Champagne was already being ordered for the
Dow 10,000 celebration. Should we cancel the order? Not hardly.

As I have said many times the market cycles. Remember last week when
I kept warning you about an impending bout of profit taking. Its'
here and I don't think it is over. Fear of darkness is only beaten
out by one other thing. Fear of a long holiday weekend. Yep, closed
Monday for MLK day. I have already had one of my brokers call me to
ask if I want some currency positions left open over the long weekend.
Seems the currency market closes at 1:PM on Friday. Now if you were
a country that needed to manipulate some currency to benefit your
country, a U.S. holiday would be the perfect time. Don't laugh.
Japan does it all the time. The same thing on a smaller scale can
happen to stock profits held over a holiday. Events happen, mass
exodus at Tuesday's open. Remember Wednesday morning?

You may think I have put on a fur coat. Far be it from the truth.
I am long several hundred contracts of tech stocks and I am looking
for a recovery soon. Again, being long does not make me right, just
very interested in the outcome.

I have not elaborated on the market impact from the impeachment trial
and won't because I don't think there is any impact. As I have said
before, the chances of a guilty vote are about zero and the market
knows this.

If you watched any market TV today then you know the Internet stocks
are finally starting to weave. They are getting beat from all sides.
Brokers are cutting the ratings on the high flyers left and right.
Funny how the smell of blood brings out the crowd. Nobody would cut
them last week when they were adding $20 a day. It is dogpile time
now. To add insult to injury the online brokers are now starting
to prevent customers from actually buying the stocks. I am not
kidding. Some have taken them off the margin list. If you want to
buy you have to pay cash, 100%. Others will not let you buy them
online. You have to call a broker and wait on the line while they
verify your eligibility to purchase high risk investments! Others
refuse to execute the trades at all. You might hurt yourself. Does
it strike you strange that Internet brokers will not let you buy
Internet stocks??? What ever happened to the concept of "it is
your money not theirs." In the face of this conspiracy to protect
you from yourself the Internets are losing ground quickly. Except
AOL. AOL has somehow avoided the label of "overpriced" and actually
garnered several honorable mentions from analysts downgrading other
Internet stocks. Guess where Internet money will go now?

For you technicians out there the pendulum has swung from
overbought to oversold in a very short period of time. The Dow
is now down -522 points in the last five days. Both the Dow and
the Nasdaq have corrected about 5%. Just as the sharp run up last
week was begging for a dip, this sharp dip is now begging for a
rally. The big drop today was on the lightest Dow volume in over
a week. Not as much conviction today just a lack of buyers. This
was also the third triple digit loss in a row. As I mentioned
earlier I think the odds for a down day Friday are still pretty
good. The wild card again is the options expiration which normally
provides an upward bias. I can't build a case for a strong move
upward because of Brazil and the holiday but I can see a strong
Tuesday coming as long as Brazil does not meltdown over the weekend.
Earnings will be on us in earnest next week with MSFT, LU, SUNW
announcing along with dozens of others. I think the focus on
Brazil will have dimmed and the anticipation of upside surprises
will take center stage.

Good Luck

Jim Brown

Market Posture
*******************************************************
As of Market Close - Thursday, January 14, 1999

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

DOW Industrials    9,400   9,730   9,121    BEARISH   1.14 *
SPX S&P 500        1,200   1,280   1,212    Neutral   1.12
OEX S&P 100          580     635     601    Neutral   1.12
RUT Russell 2000     400     435     420    Neutral   1.12

NDX NASD 100       1,900   2,010   1,906    Neutral   1.08
MSH High Tech        870     980     931    Neutral   1.08

                   Major Support
Technology           /Resistance    Last    Posture/Since  Alert
****************************************************************
XCI Hardware         800     875     836    Neutral   1.08
CWX Software         600     665     619    Neutral   1.08
SOX Semiconductor    360     400     392    Neutral   1.08
NWX Networking       400     450     427    Neutral   1.08
INX Internet         425     570     474    Neutral   1.08

                   Major Support
Financial            /Resistance    Last    Posture/Since  Alert
****************************************************************
BIX Banking          660     710     647    BEARISH   1.14 *
XBD Brokerage        545     725     638    Neutral   1.14 *
IUX Insurance        600     620     588    BEARISH   1.14 *

                   Major Support
Other                /Resistance    Last    Posture/Since  Alert
****************************************************************
RLX Retail           800     860     814    Neutral   1.08
DRG Drug             720     795     740    Neutral   1.08
HCX Healthcare       710     780     726    Neutral   1.08
XAL Airline          310     350     312    Neutral   1.12
OIX Oil & Gas        245     260     240    BEARISH   1.14 *

Posture Alert

After tumbling more than 350 points over the past two days, we
have turned BEARISH across the Dow Jones 30 and select
industry sectors including Banking, Insurance 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
******************************************************************

Stay Focused on the Pinnacle Index

After selling off precipitously over the past couple of days, it
is very important to keep in eye on the Pinnacle Index and other
put/call ratios for clues as to whether the sell-off is a major
reversal or profit taking.

Based upon the early returns, it appears that most option
speculators are viewing the sell-off as profit taking and this
could be prove BEARISH over the near-term.  Despite the negative
economic news from Brazil, the Pinnacle Index actually climbed
and other put/call ratios indicate increased call buying.

Add this to the latest Bullish figures from Investors
Intelligence (60% Bullish 1/14) you get the impression that
investors are ignoring economic and corporate earnings pressures.

Pinnacle's short-term 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                       (1/8)    (1/12)   (1/14)   Alert
********************************************************************

Pinnacle Index (OEX):
-----------------------------------------------------------------
Overhead Resistance (620-635)             1.3      2.3
Underlying Support  (595-610)             2.4      2.4

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     1.2      1.2

Peak Open Interest (OEX):
-----------------------------------------------------------------

Puts                              575     575      575
Calls                             620     630      630
P/C Ratio                         1.3     1.0      1.0

Market Volatility Index (VIX):
-----------------------------------------------------------------
CBOE VIX                         24.8    26.4      34.0     *

Investors Intelligence:
-----------------------------------------------------------------
Bullish                          58.3%   58.3%     60.0%    *
Bearish                          30.0%   30.0%     30.0%

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                       (1/8)     (1/12)   (1/14)
-----------------------------------------------------------------

                    (630-635)               1.9      3.8
                    (620-625)                .8      1.5
Overhead Resistance (620-635)               1.3      2.3

OEX Close                        636.0    616.5    600.9

Underlying Support  (595-610)               2.4      2.4
                    (605-610)               1.5      1.7
                    (595-600)               4.1      4.1

Average ratings:
Resistance levels 2.0 / Support .5

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

Put/Call Ratio
-----------------------------------------------------------------
                                Friday    Tues     Thurs
Strike/Contracts                (1/8)     (1/12)   (1/14)
-----------------------------------------------------------------
CBOE Total P/C Ratio              .50       .49       .52
CBOE Equity P/C Ratio             .38       .36       .38
OEX P/C Ratio                    1.16      1.19      1.23

Peak Open Interest (OEX)
-----------------------------------------------------------------
                     Friday          Tuesday          Thurs
Strike/Contracts     (1/8)           (1/12)           (1/14)
-----------------------------------------------------------------
Puts                 575 / 12,419    575 / 13,004     575 / 13,896
Calls                630 / 10,341    630 / 12,009     630 / 14,349
Put/Call Ratio       1.20            1.03             .97

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 14, 1999                        34.01

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 14, 1999                      60.0        30.0   *

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

Index Last Mon Tue wed Thu Week
Dow 9121 -23 -145 -125 -229 -522.39 Going for five in a row.
Nasdq 2277 40 -64 -4 -40 -67.59
$OEX 601 -7 -13 -4 -12 -35.17
$SPX 1212 -11 -24 -5 -22 -62.9
$RUT 420 2 -6 -3 -5 -11.13
$TRAN 3080 -74 -80 -37 -89 -280
$VIX 34.74 2.5 3.3 4.9 3.5

Stock Price Mon Tue wed Thu Week

CMGI 105.0 71.75 -5.25 -17.3 -8.44 40.75 Dropped
ASND 82.13 5.25 -1.75 5.38 1.81 10.69 Dropped..bought by LU.
TLAB 80.69 5.19 -2.00 3.63 -0.44 6.38 New pick, Showing strength
SUNW 94.50 3.13 -0.63 3.44 -2.31 3.63 IBM and SUNW-in your dreams
DIS 36.06 2.69 2.75 -1.87 -0.06 3.50 New pick
EMC 93.88 1.31 -4.38 1.81 1.56 0.30 Momentum still strong
COF 127.1 -0.81 2.19 -0.31 -1.19 -0.12 New pick, Split Candidate
ATI 78.81 1.00 -0.50 -2.25 1.56 -0.19 Got to decide: Bell or VOD
DELL 77.63 4.19 -1.56 -1.13 -1.69 -0.19 Showing strength for the week
XIRC 38.13 1.25 -1.88 0.75 -0.50 -0.38 Earnings are next week.
MYG 63.25 0.25 -0.25 -0.06 -0.69 -0.75 This may break its winning streak
FTL 17.06 0.44 -1.31 -0.50 -0.06 -1.43 Still waiting for that bid
AOL 144.5 18.63 -11.5 -7.88 -1.25 -2.00 One tough Internet
T 82.13 0.31 -1.13 0.50 -2.63 -2.95 No real sellers
LOW 51.38 -1.44 -0.06 -1.47 -0.31 -3.28 Show of strength today
GDT 103.6 10.94 -5.81 -5.13 -3.38 -3.38 Dropped
JBL 71.31 0.56 -2.69 -0.75 -0.69 -3.57 Holding up under pressure
LXK 97.00 1.75 -1.94 -0.13 -3.25 -3.57 Earnings next Tuesday
WCOM 71.00 0.00 -2.50 1.44 -2.94 -4.00 Consolidating
SLR 83.56 -1.06 -0.06 -3.44 -1.50 -6.06 Announced 2:1 and did nothing
UTX 108.5 -2.50 -0.94 -1.31 -2.31 -7.06 Dow sensitive
MSFT 141.7 -2.38 -5.31 1.63 -2.06 -8.12 Still a split candidate
LU 105.9 -2.31 -5.06 -3.63 1.69 -9.31 Looking strong, watch out CSCO
JPM 102.0 0.00 -2.63 -5.25 -4.56 -12.44 Dropped..Brazilian exposure
AMZN 138.0 24.38 -21.2 -15.3 -10.0 -22.25 Dropped

Puts

XCIT 65.13 * * -5.75 -4.25 -10.0 Internet sell-off
MRK 144.7 -3.13 -2.75 -0.56 -2.63 -9.07 Dow dropper
BAC 62.50 * * -1.50 -2.94 -4.44 S. American worries?
WLA 71.13 -3.25 -1.88 -0.06 1.44 -3.75
ERTS 44.00 -0.69 -1.00 -0.69 -0.88 -3.26
DD 54.88 * * -0.81 -2.13 -2.94
BMCS 37.75 0.69 -0.94 -0.38 -1.88 -2.51 Picking up speed?
BDX 39.25 -0.50 -0.44 -0.63 -0.75 -2.32
CBE 43.25 * * -0.50 -0.50 -1.00 Consistent
AVT 45.69 0.56 -2.25 3.06 -2.13 -0.76
HSY 59.81 * * -0.81 0.38 -0.43
PKN 93.50 * * -0.06 -0.31 -0.37
CPB 45.94 * * 0.69 0.38 1.07
LLY 81.50 -2.69 0.31 4.19 0.81 2.62

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:
******

CMGI $105.00 -8.44 (+40.75) After being derailed by the
Brazilian devaluation bomb midweek, the market when into
a tailspin and the Internets were no exception.  After
Monday's earth shaking surge of $71.75, CMGI has dwindled
away 31 points in the last 3 days ($62 pre-split).  With
a host of downgrades raining down on several of the big
hitters in the Internet sector, we figure it is time to
dodge the bullet before some valuation happy analyst sets
their sights on CMGI.  We are cutting CMGI loose and
hopefully it's consolidation will be quick.

AMZN $138.00 -10.00 (-22.25)  Brazilian devaluation.
Analysts' downgrades due to valuation.  Bearish short-term
remarks.  Impeachment proceedings.  Option expirations.  What
else can we add to the mixture in this pot of volatility??
Amazon had been doing just fine when it popped up over +$75.00
last week.  Not this week!  On Thursday in a sign of weakness,
Amazon finished only two and a half points off its low for the
day to close at $138.00.  Even earnings reports from companies
such as Yahoo that beat estimates weren't enough to carry
sympathy plays like Amazon into positive territory.  We are
dropping Amazon as a pick.  This is not to say that Amazon
won't turn around- and soon.  But in light of current
circumstances, we feel there are safer plays to be in.

ASND $82.13 +1.81 (+10.69) We finally got the price that LU is
paying for ASND, and it is .825 shares of LU for each share of
ASND.  The reason we are dropping ASND is because it has
effectively turned into a LU play since the purchase price has
been announced.  There is a little more room for ASND to move
given the share ratio, but typically the acquiree does not
close the gap completely because of the uncertainty of the deal
being closed.  There is no hint of competing bids, but ASND
would be a current play again if a bidding war started for it.

SLR $83.56 -1.50(-6.07) We are dropping SLR with the idea
we might pick it back up closer to the earnings report and
stock split date. As predicted, SLR announced a 2-1 stock
split this week. They announced after close on Wednesday.
Unfortunately, with the market volatility, SLR went down on
the day. We did see an opening that sent SLR up a few dollars,
but this faded into a loss by days end. SLR could definitely
see a split and earnings run, but we feel it's better to wait
for confirmation.

JPM  $102.00 4.56 (-12.44) The comeback in financial stocks
was derailed this week.  Hammered by the problems in Brazil,
JPMorgan lost another $4.56 today.  When we initiated this
play, JPM had momentum and its chart looked good.  However,
it's exposure to Brazil is too great, and given the seriousness
of the political and economic troubles in that country, we
have to drop JPM as a play.

GDT  $103.63  3.38 (-3.37) Guidant has lost ground since
setting an intra-day high of $119.75 on Monday. With just
13 days to go before it splits, GDT should be cruising into
a split run. It tried on Monday, but weakness in the overall
market has held it back. If the market turns positive again,
so will Guidant.  However, with the questionable market
footing we are going to cut Guidant loose until things firm up

PUTS:
******

NONE

PICK NEWS - CALLS
*******************************************************

FTL  $17.06 -.06 (-1.44)  FTL was added as a possible take
over play this week.  Something is going on but what?  We
are constantly pouring over news and rumor mongers only to
discover on Wednesday morning wires, trading was halted for
a block of shares (73,100) to trade at $16.06 down $-1.56.
Then we read about 100,000 shares being crossed by
Goldman Sachs.  Plus another 100,000 was traded at $17 today
by Salomon Smith Barney.  Unlike the techs' FTL did not suffer in
todays' trading, opening $17.69, taking a little off the table
to $16.69 then closing at $17.06.  Not providing a great
warm a fuzzy feeling, but enough of a feeling to keep this
as a play.  Remember, rumors are predicting a buyout at $23
or more.

MYG $63.25 -0.69 (-0.75)  Between Tuesday and Wednesday, MYG
seemed to be holding its own and only lost thirty-one cents
as the market dropped a combined -270.33 points.  But
Brazilian woes continued and the market plummeted another
-228.63 on Thursday.  Maytag fought and fought but finally,
the market scored a point with a knock-down.  Maytag was
stunned and conceded -$0.69.  MYG is normally a strong play
and is still one of our split candidates.  But, the market
is extremely volatile and we suggest waiting for things to
turn around before starting any new plays.

SUNW $94.50 -2.31 (+3.62)  Sun is one of the brightest stocks
on Wall Street even though the Brazilian storm continues to
darken the market.  Sun is up +$3.62 on the week from positive
press releases and rumors of a possible take-over by IBM.  On
Wednesday, CNBC presented the rumor which ended up being
dismissed as smoke but option trade volume increased none the
less.  We will keep you posted of any changes in the scenario.
In other news, Morgan Stanley Dean Witter raised its 12-month
price target for SUNW to $132, up from the previous price of
$104.  Not only does Sun have the only end to end computing
platform used in telecommunications services, it is also
working on incorporating its Java technology into the digital
TV industry.  Even though SUNW got ruffled by the market and
dropped -$2.31 on Thursday, SUNW is still a strong play.
Earnings for the company are scheduled for Jan 21st (not the
15th as we had previously reported), a prime time to announce
a possible split.  Look at the additional dip as a buying
opportunity but wait for some signs of a turn around before
entering.  Trying to catch a falling knife tends to damage
fingers and trading capital.

EMC $93.88 +1.56 (+.31) EMC is a pretty amazing momentum stock.
The NASDAQ is down 1.7% today, and EMC goes up.  On Wednesday,
EMC's gap down went as low as $84, but it was such a fast
market it probably was not a price you could have gotten
easily.  During the first 15 minutes of trading on Wednesday
1 million shares were traded.  This was almost half of
Wednesday's volume, and one-third of EMC's average daily
volume. There hasn't been any news on EMC, but then again, it
doesn't look like we need any.  FYI  In our Sunday write-up we
had EMC's earnings release date as 1/28, but we have since
learned that the release date is either 1/25 or 1/26.

JBL $71.31 -.69 (-3.56) JBL held up pretty well today
considering the action in the market.  I am sure that the
coverage initiated on JBL by Everen Securities helped.  The
press release did note, however, that in the near-term they
believe that JBL is close to fair value, but in the long term
it should be an outperformer.  The other bit of news that
probably helped JBL was that Solectron announced a two for one
stock split.  As we have said on more than one occasion, this
industry tends to move together, but JBL appears to be the
upper crust of a volatile group.

UTX $108.56 2.31 (-6.13) UTX is very Dow sensitive.  Let's
illustrate it.  The Dow is down 2.3% today and UTX was down
2.1%.  It has been that way all week.  The only thing at this
point that would probably change UTX's price movement is a pre-
earnings announcement one way or the other.  UTX announces
earnings next week.  On the news side, we are amazed at the
number of varied businesses of UTX.  For example, today UTX
announced that its Hamilton Standard unit signed a letter of
intent to joint venture with KLM Royal Dutch Airlines to focus
on the maintenance of pneumatic aircraft components.  In the
press release it indicated that it's Hamilton unit also makes
space suits for the NASA shuttle program.  Only play UTX if the
Dow is moving up.

MSFT  $141.75 -$2.06 (-8.13)  Like we said, don't try to
catch a falling knife.  Though, we shrugged off an ugly
beginning to finish over 1 point positive yesterday, today
we gave it back, and then some.  We're still positive on
MSFT given their trial has begun to produce positive news,
like their appeal of the Judge's decision to force MSFT to
use Sun's version of Java in its Windows operating system,
and a new stream of MSFT-friendly witnesses on the stand.
Furthermore, Prudential Securities said analyst Doug Crooke
initiated coverage of Microsoft Corp. with a rating of
accumulate and a price target of $175 a share.  MSFT is
still a split candidate at over $140 and will announce
earnings January 19 after the close.  We realize that
trading options is inherently risky and caution to wait for
a reversal in the stock and the overall market before
starting another play.  If it falls another day, let it
fall.  The point is to catch a good entry on the way up,
not on the way down.

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

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or you may call us at 303-797-0200 and give us the
information over the phone.

You may also fax the information to: 303-797-1333

*************************************************************
                      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,
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information provided has been obtained from sources deemed
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The newsletter staff makes every effort to provide timely
information to its subscribers but cannot guarantee specific
delivery times due to factors beyond our control.


Caroline is coming down next week to discuss managing the hedge funds.  I
will be out of the office starting Thursday afternoon and all day Friday.
Would it be acceptable to do this before or after (perhaps instead of?) our
meeting on Tuesday Morning at 10?


-----Original Message-----
From: 	Bryan_D_Lewis@email.whirlpool.com@ENRON [mailto:IMCEANOTES-Bryan+5FD+5FLewis+40email+2Ewhirlpool+2Ecom+40ENRON@ENRON.com]
Sent:	Thursday, May 31, 2001 6:46 AM
To:	Griffith, John
Subject:	Re:

     John,

     Touching grass or other growing things with the club is NOT considered
     grounding it.  When the ground is covered with grass or other ground
     cover, the club is considered grounded if you rest the weight of the
     club on the ground cover.  Practice swings also can touch growing
     objects in the hazard, but not the ground.  If a player were to ground
     his club with several practice swings it is considered only one
     violation of the Rules, not one for every swing.

     I hope this helps.

     Bryan Lewis for GolfWeb Rules

______________________________ Reply Separator _________________________________
Subject:
Author:  "Griffith; John" <John.Griffith@enron.com> at INTERNET
Date:    05/29/2001 12:02 PM

If a ball is in a water hazard and the player tries to hit the ball out
of the hazard, if he touches any grass that is growing (not the ground),
is that considered grounding your club?  Also, if a practice swing is
taken, and the grass (not the ground) is touched, is that a penalty?
What if more than one practice swing is taken?  Is there a penalty for
each swing?

Thanks.

John Griffith


Attached is version 5 of the cover memo, as redlined from prior version.  Your comments and suggestions are appreciated.  John, I rearranged your second paragraph, because I didn't want our ability to disclose the agreement to potential counterparties to be limited by our satisfying the conditions outlined below.  I hope that works.

If you need to reach me, I am at home at 713-218-7155, or on my cell at 713-302-5522.

Thanks for your thoughts and comments.

Michelle


Rebecca, Wade, and Steve,

We arrived in Mumbai Tuesday evening and have been at Dabhol since Wednesday
evaluating the situation here.  At this time, we believe the most prudent
course of action is for Wade to meet with the American Ambassador and
ministerial-level officials in New Delhi in order to convince the Indian
Government to deploy specialized security units within the Home Ministry to
Dabhol as soon as possible.  At the same time, DPC and contractors should
continue the measured drawn down of dependents and begin assessing a drawdown
in both nonessential expat personnel and Indian national personnel.  Ken
Lambert and the other members of the executive management team on site concur
with these recommendations.

The size and terrain of the Dabhol site make it completely indefensible. The
local guard force working for DPC is not allowed to use force and is
incapable of handling anything more than checking identification badges.  On
the other hand, the Maharashtra state paramilitary forces (SRP) currently at
Dabhol are poorly disciplined and have a history of human rights abuses.
Moreover, as they are controlled by the politicians of this state, they
cannot be trusted to react or not deliberately overreact.  While we are
continuing to evaluate numerous short notice mass evacuation options, this
remains highly problematic and possibly dangerous for a number of reasons
relating to current and upcoming seasonal weather conditions, the size and
remoteness of this facility, and the large number of expats currently on
site.   We are convinced that the best course of action to ensure the safety
of personnel at Dabhol is to obtain the cooperation of the Indian Government
at the federal level and draw down personnel in the manner described above.
This would obviate the need to execute a risky evacuation of large numbers of
personnel under hostile conditions and would also provide a credible
deterrent those seeking to incite violence.

We hope to discuss the above issues in greater detail with Wade on Monday
morning and will brief Rebecca and Steve upon our return to Houston.  As we
are travelling with only one laptop for security reasons, please address any
responses to Gabriella Cigarroa.
     John


This a test


fyi.  Don't know if any of your folks ever attend this kind of thing.

Kay
---------------------- Forwarded by Kay Mann/Corp/Enron on 05/16/2001 02:35
PM ---------------------------
From: Barbara N Gray@ECT on 05/15/2001 07:35 PM
To: Ann Elizabeth White/HOU/ECT@ECT, Kay Mann/Corp/Enron@Enron, Carlos
Sole/NA/Enron@Enron, Steve Van Hooser/HOU/ECT@ECT
cc:

Subject: Electricity Risk Management 101 Workshop and Portfolio Valuation and
Optimization Conference, June 19-22, 2001, Washington, D.C.

At the bottom of this announcement there are several listings for "short
courses".  Please  consider whether it would be helpful for you to attend one
of them bng
----- Forwarded by Barbara N Gray/HOU/ECT on 05/15/2001 07:32 PM -----

	"Laxmi Mrig" <lmrig@qwest.net>
	05/15/2001 05:47 PM

		 To: "Undisclosed-Recipient" <>
		 cc:
		 Subject: Electricity Risk Management 101 Workshop and Portfolio Valuation
and Optimization Conference, June 19-22, 2001, Washington, D.C.

Electricity Risk Management 101 Workshop, and  Portfolio Valuation and
Optimization  Conference

June 19-22, 2001, Washington,  D.C.

?Overview

In the  current environment of volatile energy prices and deregulation, it
has become  increasingly more important for the electricity industry to learn
how to manage  price risk. EUCI presents a two part Workshop/Conference
formatted for the  beginner to expert in price risk management. The first
Workshop is designed for  the beginner with no prior experience in risk
management and introduces the  basic vocabulary and concepts in a concise and
easily understandable format  which forms the foundation for the more
advanced concepts applied in the  Conference.

To view  the details for these events, please visit:

Electricity Risk Management 101 Workshop
http://www.euci.com/Conferences/ermjun01.htm
Portfolio Valuation and  Optimization?Conference
http://www.euci.com/Conferences/pvojun01.htm

?List of Other Upcoming  Events

Transmission Grid Expansion and System  Reliability Conferences
Conference  1: Focus on Regulation (Regulatory, Legislative Update, and
Incentives for  Transmission Grid Expansion and System Reliability), May
21-22, Denver,  CO

???????  ??? http://www.euci.com/Conferences/formay01.htm

Conference 2: Focus on Pricing (Pricing and  Incentives for Transmission Grid
Expansion and System Reliability), May 23-24,  Denver, CO

???????????  http://www.euci.com/Conferences/fopmay01.htm

Market Based Planning for Transmission Capacity  Expansion, May 25, Denver, CO

http://www.euci.com/Conferences/mbtmay01.htm

Short  Courses

Engineering  and Planning for Aging T&D Infrastructures , June 20-22,
Washington,  D.C..???

???????????  http://www.euci.com/Conferences/eapjun01.htm

What  Generation Developers Need to Know About Transmission , June 20-22,
Washington,  D.C.

http://www.euci.com/Conferences/wgdjun01.htm

?Distributed  Generation Conferences

?Distributed  Generation ) Basics of Evaluation and Selection, August 7,
2001. Denver,  Colorado.

http://www.euci.com/Conferences/dgbaug01.htm

?Distributed  Generation Conference, August 8-9, 2001. Denver, Colorado.

http://www.euci.com/Conferences/dgcaug01.htm

?Distributed  Generation Power Quality Solutions, August 10, 2001. Denver,
Colorado.

http://www.euci.com/Conferences/dgpaug01.htm

?Distributed  Generation Interconnection Challenges, August 10, 2001.
Denver,  Colorado.

http://www.euci.com/Conferences/dgiaug01.htm

?After you click any of these  event titles, you will see links for program
agenda, registration information,  and online registration on the right hand
column. Depending upon your browser  and monitor, you may need to maximize
the page to see these  links.

We  have just published conference proceedings on recently held Ancillary
Services  Conference and associated pre-and post conference Workshops. The
table of  contents for these can be seen by clicking to our proceedings page
http://www.euci.com/proceedings.htm

Kindly  forward this announcement to your colleagues who might benefit from
attending  these conferences/workshops/courses.

Best  Regards,

L.  Mrig
Electric Utility Consultants, Inc. (EUCI)
5555 Preserve  Drive
Greenwood Village CO 80121
(303) 770-8800
Lmrig@euci.com

Send  us a note if you do not wish to receive these announcements.

?


I responding to your comments as follows:

Sect. 1.9.  The second to last sentence in the definition of Cumulative Net
Revenues duplicates part (but not all) of the first sentence of Section 7.2
with regard to what is included in Cumulative Net Revenue. . . . Perhaps the
make-up of Cumulative Net Revenue should be covered in just one place or, as
an alternative, the definition 1.9 could cross-reference 7.2.

You're absolutely right.  The "and, for purposes of Section 7.1, Section 7.2"
reference is a bust.  I've recast the sentence as "The calculation of
Cumulative Net Revenues is made expressly subject to Sections 2.10 and 7.2."

I don't believe the language of Sect. 7.2 regarding the make-up of Cumulative
Net Revenue is intended to be only "for purposes of Section 7.1" as the
wording of 7.2 suggests.

I included that to avoid any unintended consequences in the event we later
use "Cumulative Net Revenue" in other contexts for which it wouldn't be
appropriate to include such refund-revenues; but if you believe it's
confusing, I'll delete the clause.

Sect. 3.3. I would delete part (i) if the last sentence. It would be illegal
and contrary to this Agreement for MEH (or Peoples) to charge a rate above
the maximum, so it seems inappropriate to suggest that MEH can collect a fee
for doing this.

Per our discussion, I agree that it seems inappropriate to contemplate
knowing violations of federal law.  I'll soften it so it will have a better
chance of not raising regulatory hackles.

Perhaps we should just make Peoples responsible for all refunds. Let me know
what you think.

That would be easier, but it seems fair that we should be responsible for
risks we knowingly or recklessly assume.

Also, 6 lines from the end of 7.2, I think the reference to 7.2 (ii) is a
typo. I believe it's just 7.2.

It's now changed.

Sect. 18.3. Do we want to include any work related to the Governmental
Approval as "ordinary course"?

My inclination is to not include it, so as to avoid arguments with Peoples
over what's extraordinary and what's ordinary in this context.

As always, I thank you for your help.  DT

David A. Tucker
Bracewell & Patterson, L.L.P.
Pennzoil Place, South Tower
711 Louisiana
Houston, Texas 77002
Phone:  (713) 221-1414
Fax:  (713) 221-1212
Email:   dtucker@bracepatt.com


This is getting rediculous.  Twenty four hours notice is simply not
sufficient time to give us the notice required by the tariff.  Given the
current barrage of data requests and confidentiality requests I hadn't even
had time to read your E-mail when it was past time to respond.  Accordingly,
Mike Day will be sending to FERC a request for confidential treatment.
---------------------- Forwarded by Mary Hain/HOU/ECT on 10/06/2000 12:36 PM
---------------------------

Susan J Mara@EES
10/05/2000 03:51 PM
To: Mary Hain/HOU/ECT@ECT, Richard B Sanders/HOU/ECT@ECT, Jeff
Dasovich/NA/Enron@Enron, Mona L Petrochko/SFO/EES@EES, Sandra
McCubbin/SFO/EES@EES, James D Steffes/NA/Enron@Enron
cc:
Subject: FERC Request for ISO Generation Information

---------------------- Forwarded by Susan J Mara/SFO/EES on 10/05/2000 03:49
PM ---------------------------

"Fuller, Don" <DFuller@caiso.com>@caiso.com> on 10/05/2000 12:03:34 PM
Sent by: "Happ, Susan" <SHapp@caiso.com>
To: ISO Market Participants
<IMCEAEX-_O=CAISO_OU=CORPORATE_CN=DISTRIBUTION+20LISTS_CN=ISO+20MARKET+20PARTI
CIPANTS@caiso.com>
cc:
Subject: FERC Request for ISO Generation Information

Market Participants and Scheduling Coordinators:

The California ISO has received the attached request for data from the
Federal Energy Regulatory Commission (FERC) in the context of FERC's Bulk
Power Investigation (the nationwide fact-finding probe of electric markets
and recent price spikes).  To the extent the request includes a request for
information that is listed in ISO tariff section 20.3.2., the ISO will seek
confidential treatment for such information pursuant to 18 C.F.R. 388.112.

Any concerns relating to the data request should be communicated by noon on
Friday, October 6 to Jeanne Sole at 916-608-7144 and jsole@caiso.com and
copied to Beth Ann Burns at bburns@caiso.com, Charlie Robinson at
crobinson@caiso.com and Norma Formanek at nformanek@fbm.com.  The FERC
contact on this request is Robert Pease at (202) 208-0131,
robert.pease@ferc.fed.us.

Don Fuller
Director, Client Relations
California ISO

 - ISO-8.wpd


Please note that as of January 23, 2002 Reuters has stopped reporting
the 6-year Finland benchmark bond and has started reporting the 4-year
Finland benchmark bond.

 <<tmyunb.txt>>
 - tmyunb.txt


Hey Sweetie:
So glad to hear that you're well.  Was wondering how you were weathering the
tech melt down.  I'm good.  Trying to figure out how to plant 10 acres of
grapes on my land in Mendocino (rather have 10 acres of grapes than a place
in S.F., I've decided---what do you think?).  I was thinking of taking a pass
on "sunner" school and just going all 6 semesters.  Am I stupid?  Summer
vacation just sounds so good these days.  Leaving Monday for Mexico.  Back
Sunday.  When you leaving?  Definitely miss seeing you.   Looking forward to
catching up---hopefully soon.  You take care.

Best,
Jeff

	Courtney Abernathy <courtney_abernathy@yahoo.com>
	03/23/2001 06:08 PM

		 To: Jeff.Dasovich@enron.com
		 cc:
		 Subject: lo

Jeff-
Haven't talked to you in a while...thanks very much
for the vm you left a couple of weeks ago-very nice to
hear!  How are you?

Things are much better for me.  Over the newbie hump
at Sun.  Goood things happening in general.  Usual
fustrations. School is fine-'cept I have to take
dreaded sunner school.
Miss seeing you-how long will you be in Mexico?
C

__________________________________________________
Do You Yahoo!?
Get email at your own domain with Yahoo! Mail.
http://personal.mail.yahoo.com/


here is a first pass of the East seating plan.

 -----Original Message-----
From: 	Shepperd, Tammy R.
Sent:	Thursday, January 03, 2002 2:29 PM
To:	Rangel, Ina; Neal, Scott
Subject:	6th floor spreadsheet

Here you go!

 << File: 6th floorplan 01.03.xls >>


---------------------- Forwarded by Chris Germany/HOU/ECT on 06/29/2000 10:05
AM ---------------------------

dkinney@columbiaenergygroup.com on 03/29/2000 07:35:08 AM
To: " - *Chris.Germany@enron.com" <Chris.Germany@enron.com>
cc: " - *Dalphon, Charles" <cdalpho@columbiaenergygroup.com>
Subject: Update of April 00 FOM reqs

Chris--You should be able to open this and print out the table.  Click on the
Button with a 2 if you want the summary version.

Doug Kinney
Ph:  703-561-6339
Fax:  703-561-7317

 - Apr00_FOMupdat02.xls


I'm providing you this to keep you informed on the marketing services deal
being pitched to the operator of a Norfolk VA. garbage burning facility.
Below are a letter of intent and attached term sheet being made into clean
copies and circulated this evening to SPSA for their review and signature.
Heather Hearn and the 'Services Desk' folks are involved. It is interesting
-- please come back to me with any questions you may have.   --David

----- Forwarded by David Portz/HOU/ECT on 06/05/2001 06:06 PM -----

	David Portz
	06/05/2001 05:58 PM

		 To: Elizabeth Johnston/ENRON@enronXgate@ENRON
		 cc:
		 Subject: Re: SPSA

For your review.  -David

	Elizabeth Johnston/ENRON@enronXgate
	06/05/2001 04:33 PM

		 To: David Portz/HOU/ECT@ECT
		 cc:
		 Subject: SPSA

Elizabeth Johnston
East Power Origination
1400 Smith Street EB3111b
Houston, TX 77002
713-853-5888


Vince--shades of Cuiba
---------------------- Forwarded by Doug Leach/HOU/ECT on 08/15/2000 07:53 AM
---------------------------
From: Doug Leach on 08/15/2000 07:52 AM
To: Douglas S Parsons/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Marc De La Roche/HOU/ECT@ECT, Bobby
Farris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Cairn Gas Purchase Bid

You spoke to me once and I gave you my opinions which were contrary to your
resultant offer to Cairn. Currently, I have better things to do with my time.

Douglas S Parsons@ENRON_DEVELOPMENT
08/15/2000 12:10 AM
To: Doug Leach/HOU/ECT@ECT
cc: Marc De La Roche/HOU/ECT@ECT, Bobby
Farris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Cairn Gas Purchase Bid

I talked to Vince after we hung up and his only suggestion was to call
Sandeep Kohli.  I spoke with Marc and yourself four times on this matter over
a 3 day period and given the timing, I put forth a non-binding offer, after
discussing it further with Bobby, based on the information I had that appears
to position us close to our competitors offers.  We haven't committed
ourselves and should we be selected for negotiations there are numerous
variables to affect the outcome.  If you've got any suggestions for a better
deal, please advise.

Doug Leach@ECT
08/14/2000 07:45 AM
To: Douglas S Parsons/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: Marc De La Roche/HOU/ECT@ECT, Bobby
Farris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Re: Cairn Gas Purchase Bid

I strongly disagree with the pricing and structure of your non-binding offer
to Cairn. This reminds me of the debacle in Brazil. You should have contacted
Vince Kaminski's research group as we talked about before an offer was made.
This is a bad deal.

Douglas S Parsons@ENRON_DEVELOPMENT
08/12/2000 01:51 AM
To: Doug Leach@ECT, Marc De La Roche@ECT
cc:
Subject: Cairn Gas Purchase Bid

Doug & Marc,

FYI, please let me know if you think we're totally off base.  I appreciate
your help.

Regards,
Doug
---------------------- Forwarded by Douglas S Parsons/ENRON_DEVELOPMENT on
08/12/2000 01:48 AM ---------------------------

Douglas S Parsons
08/11/2000 06:24 AM
To: Bobby Farris/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
cc: F B Virani/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Ujjwal
Dey/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT, Nilesh
Vaishnav/ENRON_DEVELOPMENT@ENRON_DEVELOPMENT
Subject: Cairn Gas Purchase Bid

Bobby,

After meeting with Cairn today in Delhi, my perception is that our offer was
received well.  They were more open and relaxed then they were on Wed.
morning and made several encouraging comments about our price range, (once we
talked through the price movements), and the seriousness of our gas related
activities on the West Coast of India, in light of the IOC agreement.  I
think the overall package is attractive to them and no serious objections
were raised.  We did talk to some extent about the guarantees, but we didn't
get too far and they're willing to accept at this point that what's
acceptable to the LNG suppliers, should be suitable for their needs.
However, they would like to understand the corporate structure and assets of
Enron Energy Marketing a little better and I told them I would get back to
them on that point.

David and Ajay were up in Hazira yesterday looking at some property for their
gas treatment facility, which apparently is across the road from pipeline
access.  While there they went and looked at Shell's proposed LNG site after
walking the last 1 km, inaccessible to their 4wd vehicle and not surprisingly
found a beach.

In summary, here is what we offered on a non-binding basis:

Six year production plateau
85% TOP
$3.67/MMBtu Net, at a base of $18/bbl Brent, with point of sale at the
tail-end of the gas processing plant
Floor & Cap of $15.50 - $27.00/bbl
Price movement:  +/- $1.00/ bbl from the $18/bbl base price (on a 3 mo.
rolling average) equals +/- $0.145/MMBtu fixed on a quarterly basis
Guarantees:  Same protection we're providing the LNG suppliers under the
Trust Retention Account

I appreciate everyone's help in submitting this offer.

Thanks,
Doug


NOTE:  YOU WILL RECEIVE THIS MESSAGE EACH TIME YOU ARE SELECTED AS A REVIEWER.

You have been selected to participate in the Year End 2000 Performance
Management process by providing meaningful feedback on specific employee(s).
Your feedback plays an important role in the process, and your participation
is critical to the success of Enron's Performance Management goals.

To complete requests for feedback, access PEP at http://pep.corp.enron.com
and select Perform Review under Performance Review Services.  You may begin
providing feedback immediately and are requested to have all feedback forms
completed by Friday, November 17, 2000.

If you have any questions regarding PEP or your responsibility in the
process, please contact the PEP Help Desk at:

Houston: 1.713.853.4777, Option 4
London:  44.207.783.4040, Option 4
Email: perfmgmt@enron.com

Thank you for your participation in this important process.

The following is a CUMULATIVE list of employee feedback requests with a
status of "OPEN."   Once you have submitted or declined an employee's request
for feedback, their name will no longer appear on this list.

Review Group: ENRON
Feedback Due Date: Nov 17, 2000

Employee Name                   Supervisor Name                 Date Selected
-------------                   ---------------                 -------------
BUMP, DAN J                     BRIAN F BIERBACH                Nov 01, 2000
BYWATERS, CANDACE L             NATHAN L HLAVATY                Nov 01, 2000
CHOYCE, KENNETH T               BRIAN F BIERBACH                Nov 09, 2000
DANIEL, SHONNIE L               BARBARA N GRAY                  Nov 03, 2000
HODGE, JOHN W                   STEPHANIE W MILLER              Nov 03, 2000
LEGLER, MICHAEL J               DAN J BUMP                      Oct 31, 2000
MARSHALL, CHERYL L              NATHAN L HLAVATY                Nov 03, 2000
MEYER, CHRIS M                  STEPHANIE W MILLER              Oct 31, 2000
OGDEN, MARY C                   BARBARA N GRAY                  Oct 31, 2000
RADFORD, PATRICIA A             STEPHEN W VAN HOOSER            Nov 03, 2000


MAKE THE RIGHT MOVES NOW --
SO YOU'RE READY FOR THE UPTURN

Dear Jeffrey:

Sandy Robertson and Les Vadasz -- if the term "key"
could be applied to anyone financing private technology
companies, you'd be hard pressed to find anyone to match
their experience and portfolios. What is their take on
what companies need to prove to attract investment?
What financing models do they see are best suited for
2002? What valuations are you likely to be getting in
your next rounds? On November 6, in San Jose, they'll
be sharing the answers to these and many other
questions at:

Managing the downturn: Survival strategies for 2002
VentureWire Executive Summit
The Fairmont, San Jose
November 6, 2001

http://events.venturewire.com/summit/default.asp

Robertson is a true pioneer in start-up finance. Since
1999, he has been running Francisco Partners, the firm
he co-founded, which is the world's largest private
equity fund focused on technology. Of course, prior
to that he had founded Robertson, Stephens & Company
as well as Montgomery Securities. In all, he has financed
over 500 technology companies, including AOL, Dell, Siebel
and Sun, and supported companies and CEOs in good times
and bad. What does he think should be the focus for
technology entrepreneurs and financiers in 2002? What
are your best options for preventing your company from
suffering a liquidity crunch?

Vadasz operates the world's most extensive corporate
development program at Intel Capital. Last year, they
put $1.3 billion into start-ups, and their portfolio
currently includes 550 companies. As part of Intel's
founding team in 1968, he's had various management
responsibilities within the company. He brings a great
blend of operational management expertise and investment
focus to the summit. He'll help us understand the
investment and valuation criteria that Intel applies
to candidates and share insight on the organizational
structures and focus best suited to ride out the
current market malaise.

We're delighted the roster of contributing speakers is
a "who's who" of the industry. Take a look at the panel
on the right to get a sense of others who are participating.
Through both flush and difficult times, they have built,
financed and led great companies, and gone on to turn
those companies into major industry players. Their
leadership ability and insight on people management
and motivation has been put to the test in the past.
What do they believe are the key factors influencing
their own and others' success? Discovering how to pull
through the down market and emerge well-positioned to
exploit the rebound will be fascinating.

How are you structuring your company to survive and
grow in 2002? These and other key experts will share
best-practice strategies for all operational aspects.
Whether you're looking for new financing, cash management
models, product development, sales and marketing
strategies, human resources insight or the building
of corporate partnerships and other strategic
relationships, attending VentureWire's Executive
Summit on November 6 will be a key. Join the valley's
leading executives and investors. Learn from the direct
experiences of the heavy hitters on how to manage your
company through the downturn and be among the first to
ride the upturn when it comes.

This unique event is bound to fill up quickly. To
register single (or multiple) places, please link to

http://events.venturewire.com/summitEvent.asp

today. Team discounts are available should 3 or
more of your colleagues wish to attend.

I hope you'll be able to join us. Should you have any
questions, please do not hesitate to contact me by
phone or e-mail.

Best Wishes,
Allan Cunningham
Managing Director
VentureWire Events
212 343 1900
cunningham@venturewire.com

SPEAKERS and Panelists (Right hand Column)

William V. Campbell
Chairman, Intuit
Built Intuit and Apple's software business

L. William Krause
President, LWK Ventures
Currently re-molding Exodus Communications

Charles McMinn
Chairman, Covad Communications
The driving force behind Covad's current turnaround

Karl C. Powell, Jr.
Former Chairman and CEO of Sequent Computer Systems
Founded, built and sold Sequent through wide-ranging
market conditions

Sanford Robertson
Founder, Francisco Partners
Financed over 500 tech companies, including AOL, Dell,
Siebel and Sun

Stephen Smith
Vice Chairman, Broadview Holdings
Built Broadview's west coast M&A business from the
ground up

Leslie Vadasz
Executive VP, Intel & President, Intel Capital
Oversees the largest corporate development program
with a portfolio of 500 companies

Ken Wilcox
President & CEO, Silicon Valley Bank
Runs the best-known bank in venture capital

AGENDA-AT-A-GLANCE

November 6, 2001
The Fairmont, San Jose
http://events.venturewire.com/summit/agenda.asp

8:00 am
Welcome and Opening Perspectives

8:10 am
Opening Address
Retrenching and Rebuilding:
Business leadership in a slowing economy

8:40 am
View from the Boardroom:
Mastering the challenges of 2002
Seasoned venture capitalists discuss strategies for
financing and managing private technology companies
in the year ahead.

9:25 am
Working Capital:
Cash is king -- and queen and prince.
Leading venture capitalists and executives discuss
financing options and cash management strategies for
growing business in turbulent times.

10:10 am
Break

10:30 am
Sales and Marketing:
Making your numbers when customers are sitting on
their wallets
What experienced marketers are doing to generate
revenue these days.

11:15 am
Bigger Brothers:
What to expect from corporate partners and investors
Experts discuss the M&A outlook for 2002 and the role
of corporate venture capital and strategic relationships

12:00 noon
Lunch and Keynote

Coaching the Team:
Leadership when the direction keeps changing

1:30 pm
Staying in the Game:
Tactics that work, and those that don't
Veteran CEOs tell what they would do differently the
next time around.

2:15 pm
Best Face Forward:
Getting your corporate communications right
Strategies for positioning your company and getting the
story to investors and customers.

3:00 pm
Break

3:20 pm
The Workforce:
How to do more business with fewer people
Authorities in human resources, management, and the law
discuss downsizing, rightsizing, layoffs and productivity.

4:05 pm
Turning to Plan D:
What to do when the worst-case scenario becomes the
best case
Experts provide advice on the end-game for companies
in trouble.

4:50 pm
Looking Across the Valley:
When will the upturn start and what will be the first
signs?
Current market conditions and future prospects from a
financial point of view.

5:35 pm
Reception

7:30 pm
Conference Concludes


sounds good to me.
PL

 -----Original Message-----
From: 	"Love, Dianne" <love@cl.uh.edu>@ENRON
Sent:	Wednesday, October 31, 2001 11:42 AM
To:	'Tammy Irons'
Cc:	'alove@houston.rr.com'; Phillip (E-mail)
Subject:	RE: Estate

Just a couple of points that I am not sure I mentioned to you:

1.	I suggested to Glenda in January after Daddy died that she lease the
house with the option to purchase due to the economy in Haleyville.  She
obviouly has not done that.

2.	The day after Daddy died, we went to the bank to get his will to
take to Jeff's office for him to read to us.  Glenda tried to cash in
Daddy's CD at that point and told them that she was the executrix of his
estate.  They refused because she did not have a death certificate and had
not been formally appointed.

3.	Glenda told me that she had told Dr. Cashin that she wanted him to
pay off the note on the purchase of Daddy's practice immediately.  I'm
surprised that he has not since the interest rate on the note is 9%.

With regard to Jeff Mobley wanted to work something out without going to
court, I am fine with that.  However my terms are:

1.	The money in Daddy's checking account, saving account and CD are put
back in to the estate.

2.	The estate 1099's Glenda for the forgiveness of the note.

3.	The value of Daddy's truck that she gave away comes out of her
distribution.

4.	The repayment of the $5,000 that Glenda borrowed from me in April
1996 is repaid to me at 8% annual interest from Glenda's distribution of the
estate.

5.	If the estate is not settled by the first anniversary of Daddy's
death, that an independent third party is appointed administrator.

6.	Any excessive administrative fees paid to Glenda for her work as
executrix of the estate are repaid to the estate.

7.	Glenda agrees in writing to discontinue her harressment of me and my
family.

I am willing to give on the forgiveness of the note to Daddy.  I am willing
to allow her to continue as executrix until the anniversary of Daddy's
death.  Twelve months is ample time to settle an estate as simple as his.  I
will allow her to keep my grandfather's single shot shotgun that Daddy left
to me, but that she and her husband stole from my father's bedroom while he
was in the hosptal dying.  I would even be willing to not make her repay the
value of Daddy's truck or return the extra $1,000 that she sold his car for,
but that she did not put in the estate.

I mailed the $1,000 check today.  Sorry for the delay.  I've just been very
busy.  If we are going to file to remove Glenda as executrix, I'll need a
new one with the correct date of Daddy's death to execute.

I'll be in Auburn from tomorrow night until Sunday.

Dianne

-----Original Message-----
From: Tammy Irons [mailto:tammy@ironslawfirm.com]
Sent: Friday, October 19, 2001 4:09 PM
To: Love, Dianne
Subject: RE: Estate

Dianne

I have not received any information from Jeff Mobley.   I have  called his
office as recent as today.  The petition for removal is ready to sign but I
have got to retain local counsel in Winston County for the purpose of filing
as it will be cheaper than having me drive to Winston County.  Are you
familiar with Wyatt Howell or his firm.  That is the firm I would like to
associate.  Please let me know if this is acceptable to you.

Tammy

-----Original Message-----
From: Love, Dianne [mailto:love@cl.uh.edu]
Sent: Monday, October 15, 2001 3:03 PM
To: 'Tammy Irons'
Subject: RE: Estate

Just touching base to see where we are with Daddy's estate.

-----Original Message-----
From: Tammy Irons [mailto:tammy@ironslawfirm.com]
Sent: Tuesday, October 02, 2001 10:18 AM
To: Love, Dianne
Subject: RE: Estate

no response.  I have prepared a petition to have your sister removed.  I
will get it to you for your review prior to filing same.

-----Original Message-----
From: Love, Dianne [mailto:love@cl.uh.edu]
Sent: Tuesday, October 02, 2001 10:16 AM
To: 'Tammy Irons'
Subject: RE: Estate

Just touching base to see if you heard from Jeff.

-----Original Message-----
From: Tammy Irons [mailto:tammy@ironslawfirm.com]
Sent: Wednesday, August 22, 2001 8:57 AM
To: Love, Dianne
Subject: RE: Estate

Legally I cannot contact her since she is represented by an attorney.  I
will follow up with Jeff.

-----Original Message-----
From: Love, Dianne [mailto:love@cl.uh.edu]
Sent: Wednesday, August 22, 2001 9:50 AM
To: 'Tammy Irons'
Subject: RE: Estate

I can also provide you with my sister's contact info if you need it.

-----Original Message-----
From: Tammy Irons [mailto:tammy@ironslawfirm.com]
Sent: Wednesday, August 22, 2001 8:47 AM
To: Love, Dianne
Subject: RE: Estate

I have heard nothing.  I have been out of town for about 12 days and have
just returned today. I thought there might be a response from Jeff but none.
I will follow up.

-----Original Message-----
From: Love, Dianne [mailto:love@cl.uh.edu]
Sent: Tuesday, August 14, 2001 3:06 PM
To: 'Tammy Irons'
Subject: RE: Estate

Tammy,

I'm just touching base to see if you have heard anything from Jeff.

> -----Original Message-----
> From:	Tammy Irons [SMTP:tammy@ironslawfirm.com]
> Sent:	Monday, July 30, 2001 8:26 AM
> To:	Love, Dianne
> Subject:	RE: Estate
>
> Dianne
>
> The 6 month period that you are talking about is the claims period for
> creditors to file a  claim against the estate.  You are not filing a claim
> against the estate.  Also, you generally have six months to contest the
> will.  You are not contesting the will.  Your only issue is to make
> certain
> that all assets of the estate are collected and distributed equally to you
> and your sister.  There is no six month time limitation on this.
>
> I have written twice and have called. I will let you know as soon as I
> hear
> from him.  If we have not heard from him in a few days, we will take other
> steps.
>
> Tammy
>
>
> -----Original Message-----
> From: Love, Dianne [mailto:love@cl.uh.edu]
> Sent: Monday, July 23, 2001 4:15 PM
> To: 'Tammy Irons'
> Subject: RE: Estate
>
>
> I checked with the probate judge's office in Double Springs and the period
> ends August 2.
>
> > -----Original Message-----
> > From:	Tammy Irons [SMTP:tammy@ironslawfirm.com]
> > Sent:	Monday, July 23, 2001 12:41 PM
> > To:	Love, Dianne
> > Subject:	RE: Estate
> >
> > Dr. Love:
> >
> > Tammy is in D.C. this week.  I spoke with her and she advised me that
> she
> > has still heard nothing from Mr. Mobley despite two letters to him.  She
> > will check with him when she returns.
> >
> > Amber Hamner, Assistant to Tammy Irons
> >
> >
> > -----Original Message-----
> > From: Love, Dianne [mailto:love@cl.uh.edu]
> > Sent: Monday, July 23, 2001 1:06 PM
> > To: 'Tammy Irons'
> > Subject: RE: Estate
> >
> >
> > Sent your check today.  Have you heard anything from Jeff?
> >
> > > -----Original Message-----
> > > From:	Tammy Irons [SMTP:tammy@ironslawfirm.com]
> > > Sent:	Thursday, July 19, 2001 10:28 AM
> > > To:	Love, Dianne
> > > Subject:	RE: Estate
> > >
> > > no word.  I will follow up with a  phone call to mobley
> > >
> > > -----Original Message-----
> > > From: Love, Dianne [mailto:love@cl.uh.edu]
> > > Sent: Thursday, July 19, 2001 10:27 AM
> > > To: 'Tammy Irons'
> > > Subject: RE: Estate
> > >
> > >
> > > Just touching base to see if you have heard from Jeff Mobley.  I think
> > > that
> > > the six month for the settling of the estate is the 4th or 5th of
> > August.
> > > They filed the first Friday in February.
> > >
> > > Dianne
> > >
> > > > -----Original Message-----
> > > > From:	Tammy Irons [SMTP:tammy@ironslawfirm.com]
> > > > Sent:	Thursday, July 12, 2001 9:27 AM
> > > > To:	Love, Dianne
> > > > Subject:	RE: Estate
> > > >
> > > > I have changed the letter and it will go out today.  I will let you
> > know
> > > > as
> > > > soon as I receive a response.
> > > >
> > > > Tammy
> > > >
> > > >
> > > >
> > > > -----Original Message-----
> > > > From: Love, Dianne [mailto:love@cl.uh.edu]
> > > > Sent: Tuesday, July 10, 2001 2:14 PM
> > > > To: 'Tammy Irons'
> > > > Subject: RE: Estate
> > > >
> > > >
> > > > Tammy,
> > > >
> > > > The letter looks good.  The only changes I have are that my title
> > should
> > > > be
> > > > changed from "Ms" to "Dr." and my father's title should be changed
> > from
> > > > "Mr." to "Dr."
> > > >
> > > > Thanks,
> > > >
> > > > Dianne
> > > >
> > > > > -----Original Message-----
> > > > > From:	Tammy Irons [SMTP:tammy@ironslawfirm.com]
> > > > > Sent:	Tuesday, July 10, 2001 8:35 AM
> > > > > To:	Love, Dianne
> > > > > Subject:	RE: Estate
> > > > >
> > > > > Dianne
> > > > >
> > > > > Attached is a draft of a letter that I thought I would send to Mr.
> > > > Mobley.
> > > > > Please let me know if you want me to go ahead and send same.  I
> > > thought
> > > > we
> > > > > would see what they would disclose asset-wise before we approach
> > them
> > > > with
> > > > > the note or any other omitted asset.
> > > > >
> > > > > Tammy << File: ltrMobley7-6-01.wpd >>


---------------------- Forwarded by Vince J Kaminski/HOU/ECT on 12/22/2000
04:07 PM ---------------------------

Kate Lucas
12/22/2000 02:56 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Vasant Shanbhogue/HOU/ECT@ECT, Nelson Neale/NA/Enron@Enron, Mauricio
Mora/NA/Enron@Enron
Subject: CORRECTION: interim report to Gary Hickerson for ag trading

Apologies. Please note that I pasted the wrong graph in the previous version
I sent. This is the correct version.

Thanks,
Kate
---------------------- Forwarded by Kate Lucas/HOU/ECT on 12/22/2000 02:56 PM
---------------------------

Kate Lucas
12/22/2000 02:27 PM
To: Vince J Kaminski/HOU/ECT@ECT
cc: Vasant Shanbhogue/HOU/ECT@ECT, Nelson Neale/NA/Enron@Enron, Mauricio
Mora/NA/Enron@Enron
Subject: interim report to Gary Hickerson for ag trading

Vince,

Please find attached the interim report on agricultural commodity trading for
Gary Hickerson. Your comments are welcome as we would like to send this to
Gary as soon as possible.

Regards,
Kate
ext 3-9401


She did not recieve an offer. Hope all is well.