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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Herm who wrote (11079)	6/29/1999 8:57:00 PM
From: JimsJeeps	Read Replies (5) of 14162

Hi Herm, I had an interesting experience today. I have been trying to buy back my 5 BTGC July 7 1/2 calls to close my position. This morning I entered an order to buy them back at 3/16's, all or none. The last sale yesterday was at 1/8, with the bid and ask 1/8 x 1/4. I had a chance to check my order about 1pm and saw that the volume was 10 and the open and high for the day were at 1/8. So I hopped on the phone to get and explanation as to why my order was not executed. Although the lady I spoke with was cordial, she was unable to answer my query and had to continually put me on hold to ask questions. The final answer was that because I put in an all or none order, I went to the bottom of the list because they needed to execute all 5 options at one time to satisfy my order. The reason for my all or none was that I did not want them to do 5 different transactions and charge me $15.00 each as opposed to a total of $15.00 for one transaction. Her response was that if they did the entire transaction in one day, it did not matter if it was one at a time or all at once, I would be only charged the $15.00. I did not feel confident in that answer and am going to call again tomorrow to make sure this is accurate info. Of course I was at work without my account documents with me to review the details. Has anyone else experienced this? If this is accurate information, I hope this helps someone else from committing this same blunder. Thanks, Jim

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