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To: Voltaire who wrote (5323)2/27/2000 1:35:00 PM
From: John O Dea  Respond to of 35685
 
A lot of calls are exercised on expiration Friday. The reason is The MM's are trying to hustle the call holders into selling there in the money calls at a discount to the market. The holder has but one recourse and that is exercise and sell the exercised stock (hit the bid price which is higher than the option bid). Example CPQ FEB 25 calls are quoted @ 2 to 2 5/16 with CPQ trading @ 27 1/4. Quote 27 3/16-27 5/16.One would be crazy to hit the MM's bid and let him cheat you out of 3/16. Your recourse is it exercise and hit the bid. My broker only charges $5.00 for this trade. You save a lot of money if you are long a lot of calls and want to hold them until the last hour.



To: Voltaire who wrote (5323)2/27/2000 7:47:00 PM
From: Percival 917  Respond to of 35685
 
Good Evening Tom,

You and I have fathers obviously from the same mold. My dad was so conservative in his investments that his picture should be in the dictionary by the word conservative. Even so he amassed a pretty decent estate even if it was with Munis and a few mutual funds.

Pass the mint julips, if you please. (My toast to the late DeForrest Kelly)

Joel


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