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Strategies & Market Trends : MDA - Market Direction Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Benkea who wrote (23529)	8/20/1999 4:36:00 PM
From: Lee Lichterman III	Respond to of 99985

Well someone made out like a bandit and I guess the reason I have problems with my fills is because the pit guy reads this thread. <gg> Soon as I posted this, the put was trading 3 by 3 1/4 at teh closing OEX price of 696.59. I was slow on the trigger as I wasn't sure if I was going to get charged a commision for the exercise in addition to the buy (I would have) so I didn't get the order in on time. Some one bought a boat load full at 3 1/8 before the pit realized they were screwing up and moved it to the proper 1/8 point straddle around 3 3/8. The guy that bought a bunch at 3 1/8 just made put strike 700.00 OEX close 696.59 difference 3.41 Put purchase price $312.50 Actual worth $341.00 Profit minus comish $28.50 per contract Some pit guy's boss is going to be ticked if he let a few thousand go across at that spread. <ng> Well the close caught me by surprise but luckily I hadn't put a position on since things weren't lining up right. I wish I would have held those calls though. No way of knowing it was going to do this other than ther underlying strength which is more like a gut call and I don't trade my gut. I was planning on buying some puts after the close for Monday but the futures are still moving up so there may be a gap up on Monday. I am being recalled back to work to play shirt again so I won't be able to trade. My friends will be rejoicing since they feel it was due to my being home that the market was so squirrely this week. <g> Time for me to get out of this smoke filled room and get some fresh air. Had fun this week, hope you all have great luck next week and stay safe, I still think we are in for some volatile times. Some of the indexes are showing possible inverted H&S formations so a ramp upwards is possible however today's close was also right at a resistance line on the intra day chart. I will have to see what the daily charts look like for the rest of the market before I can get a feel for next week's bias minus the FOMC meeting. Good Luck, Lee