Strictly: Drilling and oil-field services Message Board

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Gold/Mining/Energy : Strictly: Drilling and oil-field services

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To: upanddown who wrote (61963)	3/10/2000 4:56:00 PM
From: ItsAllCyclical	Read Replies (1) of 95453

Talk about timing on OXY... Someone made a $840,000 options bet on OXY today buying 2100 Aug 15 calls for $4. Almost all the other strike prices are empty...this is one buyer. Also, this was the high price for the day so they were not selling covered calls. Typically you wouldn't write a covered call in-the-money anyway. quote.cboe.com The Aug 15's now have the highest # of options outstanding in any expiration/strike price so you know it was a big purchase even for a $6 billion dollar company such as OXY. I'm under the impression that one of the ways the option writer may cover such a purchase is to go long the stock himself. OEI, VPI, XTO all saw big moves a few days/weeks after similar large option purchases. You can come it with various reasons, but anyone making that large of an option bet has done his homework (of course I got my yesterday for 3 5/8 :) I bought more Jan 20's near the close, 2 3/16 is still a good price. OXY options are currently my largest holding. I have April 17.5's, May 15's, Aug 15's and Jan 20's. Dollar wise most of the money is in the Aug 15's. I will take some profits when OXY hits 19-21 and again when it hits 24-26 and then let about 1/3 to 1/4 of my position run till expiration.

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