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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe) -- Ignore unavailable to you. Want to Upgrade?

To: John Madarasz who wrote (1775)1/4/2000 10:00:00 PM
From: Dan Duchardt  Respond to of 2241
 
John,

I don't have all the answers, but I have an idea about your part a). The lack of other strikes and expirations is, I believe, due to the practice of not creating an options market for stocks trading under $5. If you look back at the charts, you find that the Feb2000s have existed since June 21, 1999, but show no volume traded until July 8. It is perhaps no accident that June 20 and 21 were the only days before today that the stock traded above $5 in the last several months. Once the stock fell below $5, no additional options market was created, which would account for why only the Feb2000s exist. I don't know why there are no Jan2000s though, unless there were some that have all been closed by now.

If you add up all the volume from the historical record, it is less than 12,000 call contracts and about 6,000 put contracts, so your speculation about preferred may be a factor.

You might find someone more knowledgeable about all this on the advanced strategies thread

beta.siliconinvestor.com

Dan



To: John Madarasz who wrote (1775)1/5/2000 3:55:00 PM
From: Madpinto  Respond to of 2241
 
Was your order for the Feb 5 calls all or none? The only way you could have been traded through is if the order was all or none. If not, you had a legitimate gripe. Even on spreads, your 1/8 bid would have to be filled before it could trade at 1/16. I am guessing the reason only Feb trades is because the exchange is trying to delist the options.


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