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Strategies & Market Trends : The Covered Calls for Dummies Thread
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To: Uncle Frank who wrote (2034)8/15/2001 7:19:11 PM
From: Road Walker  Read Replies (1) of 5205
 
UF,

re: With 2 minutes to the market close, it looked like my limit order wouldn't be high enough to allow me to close my qcom cc position, but someone accepted my offer of 2.15 right at (or maybe just after?) the bell!

First, it wasn't "someone", it was the MM, who may or may not have sold it to another investor. Probably balancing his own "open interest".

Second, that will happen a lot, especially during expiration week. Prices that won't be accepted all day will suddenly be OK at or after 4 pm est. Options sometimes trade 15 minutes after the bell. And the perception of overnight risk increases as the market closes, so a trade to balance another position can become very appealing to a market maker.

John
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