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Technology Stocks : American Power Conversion
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To: Joseph Francis Torti who wrote (1434)6/8/1997 4:21:00 PM
From: Harve Wolfe   of 2574
 
Joseph, can you help me understand this. I went to the CBOE site as you suggested and looked up the quote for the APCC 22 1/2 put. Yes it lists volume at 500, but also lists open interest at 202. How can that be, unless someone is covering naked puts that were previously sold. In other words they sold several weeks ago and are now cashing in to close out their position. At worst this scenario would imply a neutral bias on the part of the trader. Some company management have also been known to do these sorts of things in conjuction with stock buybacks and/or employee stock option programs. Do you have access to the id of the principles in the transaction? Your thoughts?, I really don't know that much about option traders.
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