S&P futures/CPN

First CPN is up .35 in the premarket to 6.10

I am not long the stock ,but delta long thru my

option positions.There are still boring but "safe plays" that will return 20% or more on an annualized basis.In fact I have quite a few of these option spreads on.They expire in Jan04.Much better rate of return

then a CD!!

Regarding S&P futures.Typically i don't sell the first up day in a series but if we trade up into

the 968.00 area I will probably go short.This is NOT a recommendation.