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Technology Stocks : How high will Microsoft fly? -- Ignore unavailable to you. Want to Upgrade?

To: Tom Bunge who wrote (26146)	7/15/1999 3:19:00 PM
From: Teflon	Respond to of 74651

Tom, are you sure your numbers are correct? Regardless, the unwinding of Options is a very complicated process, and many may not even unwind their holdings --- a lot will depend on the price action as we head towards the close tomorrow. Also, while many look to buy back their covered calls, many shareholders take this opportunity to buy calls going into tomorrow if they are expecting a big run up heading into earnings on Monday. I know this sounds nuts, but I believe even our beloved t2k has purchased call options the day before expiration. Also, you must take a look at the put interest as well... Teflon

To: Tom Bunge who wrote (26146)	7/15/1999 3:24:00 PM
From: Just_Observing	Read Replies (1) \| Respond to of 74651

Open interest should be going down and not up, IMHO. Perhaps, the market makers are too busy to cancel positions until the end of the day. So a buy order for 100 calls and a sell order for 100 calls instead of canceling, add up to an open interest of 200 calls. This is just a guess. Does anyone know how to find out whether an open interest of 10,000 calls means the public is long the calls or short the calls? Is there any way of finding out? Can individual market makers be short and long and the open interest is just the absolute sum of their positions? Enquiring minds would like to know.