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To: IceShark who wrote (2112)	12/14/1997 10:00:00 AM
From: Janice Shell	Read Replies (3) of 2563

J~ The only tihng I am certain of is taht it will be to my disadvantage. Taht is so true. Several of us wondered about teh business of circuit breakers on expiry day once last August when the market dropped 247 points. I'd bought OEX puts early in the session and after a few hours of carnage began to wonder waht would happen if... My broker didn't have an answer; we both guessed taht maybe they'd extend trading (after the official close) long enough to let people sell expiring options at the prices obtaining before teh shutdown. Waht I was afraid of was taht I'd be forced to exercise. As it happened, I sold the puts about an hour too soon anyway, and then the market didn't hit the 350 stop. But it might have done. Subsequent investigation indicated taht the reality would be much worse. According to Characteristics and Risks...: "In the remote possibility that the restriction were to remain in effect until the expiration of the option--which has never yet occurred--the option would expire worthless, and the holder would lose the entire amount that he paid for the option..." Nice, eh? Fair. And with triple witching coming up next week, don't forget: it seems taht now you can't use limit orders after 3:45 on expiry day. J

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