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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 (17739)4/2/1998 4:53:00 PM
From: SJS  Read Replies (1) of 95453
 
Lisa,

Fidelity shows the closing price yesterday at 1/4. Hmmmm....

You won't be able to buy this option at the bid price, trust me. Even to close a short call position. For almost any reason.

With stock, you can many times "bid the bid" and get filled. Options MM are much more hard-nosed. First, the MM for the call gets nothing at the bid, and typically if they're feeling very generous, they want 1/16 for their trouble. Most times, they want 1/8. Meow at them, they might give you a 1/16...<g>

I will concede that you might see this on the last day of options expiration near 4:00 as people try to cover so as not to be in the assignment lottery. But not two weeks before. There's still plenty of life left and fireworks, too, perhaps.

Hope this helps...
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