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Strategies & Market Trends : Option Spreads, Credit my Debit -- Ignore unavailable to you. Want to Upgrade?

To: KFE who wrote (1061)	12/27/1999 12:59:00 PM
From: OX	Read Replies (2) \| Respond to of 2317

Thanks for the insight Ken. In particular I was thinking of early exercise of DITM Puts, as I've noticed w/ equities it is more likely... but I went and looked at some historic B/A around DEC99 expiration and indeed, even OEX (D)ITM puts had good time value remaining. I'm curious how you define liquidity. If one looks at volume, SPX trades more contracts than OEX (on average 115K SPX vs 70K OEX). I was surprised by this too when a trader at the CBOE corrected a a similar statement I had made. ps. I've always enjoyed the "games' that seem to be played w/ expiration Fri opening. Most recently, I mentioned to someone via PM on 12/16 that I thot there would be a gap up the following morning. Pure guesswork on my part, but funny nonetheless.