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To: Carl R. who wrote (49315)	10/16/1999 10:27:00 AM
From: AurumRabosa	Respond to of 53903

Carl, Enjoyed your discussion regarding options expiration and would like to read more. You say you've written extensively on the subject. Could you please provide links to the best posts? TIA "...the option writer is short some stock to offset the risk." What put seller would short the stock? Do you have access to any data that reveals what fraction of put writers hedge with a short sale and how many are naked? I think DPMs would use a bull spread to effect the same PL profile which would either be all options or long the underlying + long put + short call. I recommend Cottle's book Options: Perception and Deception; Superior Results Through Position Dissection, Risk Analysis, and Defensive Strategies for a good discussion of what DPMs would do. bn.bfast.com Regards, Ron