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Strategies & Market Trends : From the Trading Desk

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To: steve goldman who wrote (4086)	1/17/1999 3:41:00 AM
From: sergio	Read Replies (1) of 4969

Waterhouse bought Kennedy & Cabot. I am not sure where the problem is but as a dissatisfied K&C customer, I am not doing any trading with Waterhouse either. Just a general question Steve, how late can I as an investor give an exercise order on expiration day, even though technically its Saturday when it expire? Schwab tells me prior to 4 est. Lombard same thing. But I suspect this guys are not telling me the truth or don't know the rule either. And being in the west coast, I would think the exchange would allow exercise until 5PM est. I have this dilema of giving an exercise order because there is a chance that it will go below the strike price and I get stuck with a position buying at strike price while underlying had gone below (I am referring here to a call off course). Can an order of exercise if above the strike and not if below? Thanks, Sergio

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