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Strategies & Market Trends : Tech Stock Options

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To: donald sew who wrote (36923)	3/18/1998 7:49:00 AM
From: Patrick Slevin	Read Replies (1) of 58727

Glancing at Globex trading occasionally over the past 2 hours, I was troubled that I could not decipher why (after much of the night trading in a tight 1 point range) the SP8M dropped sharply. At 5 Eastern, it had just peaked to 1094.30....then over the next 2 hours dropped to 1090.50, bounced, and is now zipping towards 1090.50 again. I was trying to check Japan, London.....but then while reading your post it occurred to me that it is possible there was a large exercise last night in calls. If so, that would take the guns out of the hands of the arbs for expiration....at least the guns loaded to push the market up, anyway. I have to dig around for the website showing open interest.

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