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Technology Stocks : America On-Line (AOL) -- Ignore unavailable to you. Want to Upgrade?

To: Pierre Aydin who wrote (29543)	8/17/1999 4:13:00 PM
From: Steve Robinett	Respond to of 41369

--Pierre You comment, It's possible though that the options expiration is holding us down. Or holding us up? The problem I've always had with the Max Pain theory is that it seems to me looking at the world through the wrong end of the telescope. Options always trade their heaviest volume at the money. The price that the stock has traded at the longest usually shows the greatest open interest (the number of contracts). Since most stocks usually stall out during the week ahead of options expiration as market makers try to juggle heavy volume without influencing price, it is frequently the case at expiration that the price settles at the point with the greatest number of options. BTW, volume on AOL today if very low, about a standard deviation below the average for the last month. I'd call it feeble. Best, --Steve