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To: Jon Koplik who wrote (45975)	10/24/1999 8:01:00 PM
From: Jon Koplik	Respond to of 152472

Deep in the money put update (for an audience of perhaps 1). After a lot of : "Um, um, uh ..." I finally realized that YHOO is both up sharply and down sharply within the life of the various option strike prices that have been introduced. So, I checked out some $250 puts (YHOO currently around $178). Surprise, surprise -- the discount to intrinsic value (on the bid for these puts) is only what one would normally expect since the options market makers have to earn a living. That got me thinking -- maybe this is always true when the market makers "paint the tape" (or, in reality -- paint the bid/ask) right around 4:00 P.M. But, in the heat of a crazy, erratic intra-day move, a healthy bid for very expensive puts may not always be there, and that was what was going on with my experiences back in 1980 and 1986-1987 (?) Jon.