Ken Deen's
			   THE AGGRESSIVE TRADER
			        SELL ALERT
                                                           1339 Virginia Rd.
Vol. 1, No. 40                                           Montecito, CA 93108
April 20, 1992                                                (805) 565-2039
1:09pm EDT                                            CompuServe: 72020,2050


   Stock+Options Account:
      * SELL 4 Microsoft July 135 calls (symbol: MSQGG).  I sold today at
        3 1/8.  I bought these April 15 at 8 (see Vol.1 #39).
      * CORRECTION: Vol. 1 #39 contains an error in the number of contracts I
	bought.  I bought 4 calls, not 8, so I am closing my position today.
 
   Model Portfolio:  No trades


Discussion:  Microsoft Corp.

   A surprising news story was just announced on CNBC.  It was reported that
the CFO at Microsoft told analysts late Thursday that the company's 1993 growth
rate might be only half current levels.  Microsoft has been able to maintain a
remarkably consistent and high growth rate over the past several years.  Many
investors have come to expect this, so this comment from the CFO hints at
earnings disappointments to come, and is decidedly bearish for the stock.