Qualcomm Incorporated (QCOM) Message Board

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Technology Stocks : Qualcomm Incorporated (QCOM)

QCOM 175.25

+0.6%

Dec 19 9:30 AM EST

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To: Tavros who wrote (45953)	10/24/1999 7:33:00 PM
From: Jon Koplik	Read Replies (1) of 152472

Tavros - I am a HUGE believer in mathematical approaches to trading in derivatives. When I started trading interest rate futures for my own account (1978) (T-Bill futures only) (Eurodollar futures had not yet been invented) ... I heard stories about how the old-time "locals" in the pits were repeatedly having their "pockets picked" when they traded (the relatively recently introduced) interest rate futures contracts, and were competing against the upstairs traders at places like Salomon Brothers. Then, in the summer of 1979, I actually was working at Salomon Brothers (as a summer intern in their New York office), and heard exactly the same thing. My own experience regarding options -- I worked as an options arbitrage trader on Wall Street (trading large positions for the firm's account) in 1980 and 1986-1987. I think every single time I had a short put position (as part of a totally hedged reverse conversion) that went "deep in the money," it was exercised early. I am going to check in a minute a few obvious deep in the money options (YHOO, QCOM, AMZN). I assume the bid on the deep in the money puts would force any rational person to exercise early. Details shortly ... Back in a few minutes (if my ISP continues to function properly). Jon. 7:34 update -- Boy, am I dumb ! I need stocks that have gone DOWN huge (not up) to look for deep in the money puts. Um, have any stocks actually gone down ? I'll try to think of a few ...

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