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To: TwoBear who wrote (29351)	10/13/1999 11:15:00 AM
From: pater tenebrarum	Respond to of 99985

Scott, "maxpain" is the level of an index, stock or other instrument at which the majority of outstanding options contracts expire worthless, thus causing 'maximum pain' to the buyers of the options. since the big WS houses are the biggest writers of options (for their own and big clients accounts) they regularly manipulate the market in such a manner that it closes at or near 'maxpain' on expiration day. regards, hb