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Politics : Idea Of The Day

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To: Judy who wrote (15638)	12/16/1997 2:03:00 PM
From: Mike Hagerty	Read Replies (3) of 50167

Judy, I know you do a lot with options and I'm hoping you can give me some insight. I'm new to selling puts and I don't understand about them being "assigned". Friday I sold 10 naked May puts . I have cash to cover but did not expect to have to use it until May. Today (two days later) my broker called and said "they" were assigning 3 of my puts so now I have to get 300 shares of the stock? He said "they" are the Chicago board of options and can assign puts any time they want. He thinks it can just be random. I'm completely blindsided here. Can this be correct? What's the point of doing options if they can be called or assigned at any time ? Thanks for any help you might have time to offer.

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