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Politics : Formerly About Applied Materials

AMAT 230.77

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3:59 PM EST

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To: Jacob Snyder who wrote (24875)	10/5/1998 1:43:00 PM
From: Jacob Snyder	Read Replies (1) of 70976

to: experienced option traders again: I just looked at the CBOE site. It shows the last sale at 3 7/8 (my buy which just cleared). However, it still shows the bid/ask at 3 3/4-4. Since they were obviously willing to fill a order below 4, shouldn't the ask have changed to 3 7/8 when my order went through? How do they come up with these numbers? Is there a trader sitting in an office somewhere, who makes the quoted bid/ask up? Does he, or someone else, use the quoted bid/ask as a rough guide, but he is free to do whatever he wants? So, is there a "real" bid/ask, that the market maker is willing to trade at, that is different from the quoted bid/ask? I'm confused here. I like my numbers to be less slippery.

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