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

To: OX who wrote (1372)	4/16/2000 5:15:00 PM
From: Mark Z	Read Replies (3) \| Respond to of 2317

Actually, OX, its still quicker if they have the strikes in their system as the hold times for a broker have become very mediocre. I'm assigned to the 'Platinum Options Team', specialists in options trading, and 3-8 minutes to get to a broker is becoming the norm. Plus if you place the order online you 'save a buck or two' with an extra 20% discount. You want a story? I'm long INSP, long INSP puts and short INSP calls in my retirement acct (a synthetic short if you will; no other way to short anything in a retirement acct). I wanted to roll down the calls on Friday from 55 to 45 with about 14 minutes to go. The web didn't recognize the 45 strike so I had to phone in. I got to a broker with 3 minutes left & to try to place & get filled on 2 option trades in 3 minutes just wasn't worth it (no way any exchange is filling spreads at this point unless you put them in at market which is a not-so-wise thing to do IMO). Especially considering the guy had to set up the YHOO 100 call in the system which in itself takes a few minutes. So now I keep my fingers crossed that INSP doesn't gap down too much on Monday because Schwab couldn't handle my selling a INSP 45 call. Note: ALWAYS check for the possibility of trading both strikes if you plan to roll options. Otherwise you risk that their system knows about the 1st strike but not the second.

To: OX who wrote (1372)	4/16/2000 11:05:00 PM
From: BUYandHOLD	Respond to of 2317

Schwab won't give you a valid 2001/2002 leap quote, (I always get mine from-of all people Ameritrade!) Their spread order system is now quite good (after months of trials) but the problem once again is that specific option orders. You may still have to call them to place orders. As a note of incredulity is that Ameritrade where I have a minute account have been able to do "complex trades" ie spreads, strangles etc a full 2 years before mighty Schwab!!