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

To: OX who wrote (1310)	3/28/2000 2:37:00 PM
From: KFE	Read Replies (1) \| Respond to of 2317

OX, Fast execution system is a great tool but if the quotes on the option and stock are not there you are not going to get an execution. When you enter an order between the bid/asked in a thinly traded option with a wide bid/asked spread you are not going to get done unless the underlying moves against you or a contra order is entered and crossed. I believe what Dave wants is a certain price for the net order and the current quotes at the bid/asked do not offer this. When I stated that the underlying would have probably already moved if he gets an execution on the option what I meant was that the limit order would not be filled until the option quote had changed so that his order was now the asked. This would not occur unless the underlying was moving down and now he would be getting less on the sale of the underlying then when he entered the option limit order. If the quotes are not there even the fastest execution system available can't help. If Dave decides to leg out I think that he might do better to wait for what he thinks is a rally in the underlying and pay the asked on the option and then leg out on the underlying. Regards, Ken