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Gold/Mining/Energy : Strictly: Drilling and oil-field services
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To: ViperChick Secret Agent 006.9 who wrote (15945)3/23/1998 5:11:00 AM
From: Dwight E. Karlsen  Read Replies (2) of 95453
 
Lisa, in re options expirations week...little experience I had Friday and Sat:

I held Mar. 45 calls in DO (Diamond Offshore). I was very busy with "real work" the week of expiry, so on Friday I did nothing. I had never simply let calls expire in the money, and didn't even know if they would be worth anything, but with the increases in DO stock price Wed. and Thursday, I decided I would let them ride. After market close I realized my DO calls closed worth over $2. So on Sat., I got a call from Schwab. I had expected they would sell the calls for me at the close (like I say, I had never let calls expire in the money before), but instead the broker informed me that they had excercized the call options. Now, without taking a second mortgage on my house, I don't have the dough to put up the cash. However, I was told by the e-Schwab mano that I had all day Monday to sell the stock without taking what is called a "free ride". So,.....Cool!!!!!!!

I had told him Sat. to sell the stock at the open, but now I'm cancelling that order. I'll sell them at my whim tomorrow. I still can't believe they came back into the money. On Monday last week they had to have been practically worthless. Love it! I'm getting a free day on those calls. Just thought I'd "share" that.

DK
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