Trading the SPOOs with Patrick Slevin! Message Board

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Strategies & Market Trends : Trading the SPOOs with Patrick Slevin!

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To: Gary E who wrote (3574)	2/18/2000 9:01:00 PM
From: Patrick Slevin	Read Replies (1) of 7434

Chambersroad was willing to go higher. Suppose there were 6 available, and 7 guys wanted them for $800. So the last guy in is out. But if he puts in a bid to $810 then he outbids the others. But you can't give him one for $810 and 5 for $800, so he goes to the front of the line. If woow had gone to $810, then the auction still would have been at $800 but the next guy falls off. If all of them bid $810, then chambersroad would have been odd man out unless he went to $820 and so on. I had run it up to $740 and still could not catch a slot. The others all had bids up to $740. When I bid $750 I knocked out the guy who wanted 5 at $740. So the Price dropped back to $710; follow that? The guy who wanted 5 had two locked up until the bidding passed $740. Then it dropped back to $710 but he only had one locked, instead of two. Then in the last 40 minutes they drove it to $760, then $770, and so on until woow was passed up. He maxed at $800 but the next guy was not maxed yet. And, because they had to sell 6, the next guy did not pay $810 while the other 5 paid $800. If you think about it for a few minutes it makes sense.

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