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Non-Tech : Meet Gene, a NASDAQ Market Maker -- Ignore unavailable to you. Want to Upgrade?

To: TimF who wrote (48)	7/26/2000 9:45:25 PM
From: gene_the_mm	Read Replies (6) \| Respond to of 1426

REGARDING OPTIONS AND OPTIONS SPECIALISTS My advice to you when buying or selling option: Good luck. I am not here to blast the options specialists but my personal opinion is that UNTIL there is some form of INSTANT execution, similar to SOES in NASDAQ, I will absolutely NEVER buy or sell options unless it is for a very long term trade. I have personally had such atrocious experiences of backing away from options specialists it makes me sick. I understand that options are more complex financial instruments (because of the inherent 'time value') than stocks but what I witnessed several times was not to be believed. There should be some form of guaranteed print that the specialist can honor AND some form of electronic order delivery, such as DOT or SUPERDOT on the NYSE. I am almost certain that at least the CBOE has no such electronic delivery and confirmation (correct me if I am wrong...however it won't change my opinion). I would LOVE to get into a conversation with an options specialist to hear their side of this story. Anyone? All the best, -- Gene

To: TimF who wrote (48)	7/30/2000 11:11:18 AM
From: Janice Shell	Read Replies (1) \| Respond to of 1426

Does it work the same way with options? One time I tried to buy a call order I put in a limit order for something like 13 (right on the bid) and the ask was maybe 13 1/8. The bid stayed the same and the ask kept moving back and forth between 13 1/8 to 13 1/16 and then to 13 and then back up, without me getting filled. That happened to me once with an options trade. My broker complained, and the next morning I got my fill at my limit price (as a late--very late--trade).