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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study!

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To: Spots who wrote (10209)	4/1/1999 9:26:00 PM
From: NateC	Read Replies (2) of 14162

>> Option limit orders: The MM is legally obligated to sell up to 10 contracts when an order comes in AT THE ASK. Yeah. But you have to be willing to call them on it. On many occasions I've smacked the ask on a buy and have had the ^&&* move the market away from me. this doesn't make sense. Can you clarify for me? If I want to sell a Call (10 contracts).....and it is, say 3/4 by 15/16.....Is this supposed to mean that the MM has a legal obligation to sell this to me at the ASK of 15/16 ??? this is counter-intuitive. How does he make any money selling anything at the Ask?? Also.....if this is correct.....is he (MM) NOT obligated if I try to sell 9 or 11 contracts?? only 10? and BTW....this thread continues to be terrific. I've read lots of options books, seen videotapes...but this is the best education there is, IMHO....and thanks Herm, et al!!

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