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Non-Tech : QQQ - Nasdaq 100 Trust

QQQ 608.86

+0.1%

Nov 14 4:00 PM EST

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To: ed doell who wrote (74)	8/19/1999 11:27:00 AM
From: Matthew L. Jones	Read Replies (2) of 840

I was on the floor of the AMEX where they are traded and I talked for 15 to 20 minutes to the SPY specialist (this was before the QQQ was offered). I was asking about options on these unit investment trusts (which were still in the works). He told me that they were exempt from the uptick rule. The reasoning is that they are a basket of the entire index and one stock in the index is certainly upticking at any given time. The rule is only in place to eliminating the "piling on" effect. It's very difficult to move an entire index. Unless you have a lot more money than I do <g>! Matt

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