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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 (11298)	7/29/1999 10:11:00 PM
From: Night Writer	Read Replies (3) of 14162

Herm, I have run into some unusual activity on Compaq options. I thought you might be able to shed some light on the possibilities. It involves some rather large blocks of options. Here is some information from transaction logs on CPQ options. Month Strike C/P Time # Price Stock Price Jan 25 P 9:57 1,000 2 9/16 D 25 1/8 Aug 22 1/2 C 10:22 1,000 3 1/8 D 25 1/8 Aug 25 P 2:17 989 1 1/16 D 25 Jan 40 P 4:12 1,000 15 D 24 11/s Jan 40 P 4:13 1,000 15 1/8 D 24 11/s Jan 45 P 4:13 2,000 20 H 24 11/s Somebody is playing big time. This is almost 700,000 shares. The 9:57 and 10:22 could be one player or one strategy. I have no idea what the gentleman is doing. The 40 and 45 puts could be a different player or a different strategy. That is awfully expensive insurance against a price drop on a beaten down stock. Every tick over 25 is going to cost money. It appears to be one big short position. Do you have any idea what the D and H mean before the stock price? I think the D means Delayed reporting, but the H ......? Thank you for any insight you might be able to share. NW

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