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Technology Stocks : VALENCE TECHNOLOGY (VLNC)
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To: Rich Wolf who wrote (14641)9/17/1999 9:20:00 AM
From: Rich Wolf  Read Replies (2) of 27311
 
Harold, another thought: Maybe the buyer of the 700 Sep5 calls was the original writer, who is now neutral, but being the MM has simply not been in a hurry to officially close the contracts involved. Then, the usual 'rollover' scenario would make sense, and it's just a reporting issue.

It may be worth noting that if this is the case, then there really are 700 fewer 'open' contracts in play. (As of this morning, cboe reports 1443 contracts still open. So there were only 100 or so sold back yesterday, and slightly less than that many exercised yesterday.) That leaves only 750 contracts in play at the most. So it is hard to imagine the options players being that interested in pushing to below 5 at the close today, if any measurable buying confronts them.
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