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Strategies & Market Trends : Tech Stock Options

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To: Electric who wrote (44468)	6/2/1998 8:52:00 PM
From: Patrick Slevin	Read Replies (4) of 58727

Kool. I learned...aside from what the people will be wearing on Letterman...that the futures and futures options are handled no differently from the cash market. That the salespeople from Chicago think NY investors are dopes. That they are incorrect in their logic...."The Dow Leads the market"....duh. ....I have an entire list of notes? Waste of time. They said something that seemed important but during the break I realized it wasn't. Then they got into futures options and I realized I knew more than they were willing to get into. TSO is a lot deeper than this discussion was....no disrespect to TSO. Just, this was supposed to be a seminar provided by the CBOT.....what it proved to me is that I can come up with the same wacky synthetics I did when I was trading stock options. I don't need some guy from the CBOT to tell me this. So on the plus side it made me think for a few minutes. What I ended up thinking about was obscure synthetic positions that were possible and the entire reason that I trade futures is to get away from that. Otherwise, the seminar was basic and for 3 piece suits that don't understand futures, evidently. Otherwise they would have left as the break ended like I did. Here's a note. The Chicago Tribune today...according to these guys.....said that Americans for the first time in history have more money in the market than in banks. They thought that was bullish. The DJ trades 13,000 contracts a day. Not enough risk-reward for me....that is what I pondered about through the break. One thing that shocked me....I thought was illegal. I still can't believe it. But these are trade officials so I guess it's true. They said if Funds get an excess of cash flow they can hedge by buying futures. This fouls up my mind and I have to think about it for a while. A mutual fund that can legally put the money to work in futures. I have to check that one out. They said the DJ is timed to start trading with the bond and to end with the spoos......actually, they never mentioned the spoos. I know why. They compete with the spoos..... Some other stuff but as I said, these people were in town to give a primer. It was, overall, a waste of time. I mean the first 15 minutes was a discussion about the "most well known, oldest index in the world!!! The Dow Jones Industrials!!" ta da. I should have known at the time the room was full of geeks.

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