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Technology Stocks : Cisco Systems, Inc. (CSCO) -- Ignore unavailable to you. Want to Upgrade?

To: Jeff O'Brien who wrote (39675)	8/24/2000 10:10:40 PM
From: t2	Read Replies (1) \| Respond to of 77400

If the open interest cannot decrease, how come there was 72,000 puts at that strike price last week??? If you are referring to volume traded, it is possible. If you are referring to OI, i don't believe it can be done and can't see how it could be. I thought that maybe OI can decrease (not sure on this point as exercising usually happens on expiration anyways). I don't see how anyone can exercise the Sept 60 puts in the last week. Again, I have not tracked OI on this one and usually don't bother with such matters. My guess is that so much OI was created on this one back in July and that specialists or market makers don't have to short to satisfy demand for new put buys as there are lots of puts circulating in the system which are in the possession of risk neutral holders. My understanding of how open interest arises is in my last post. I will double check tomorrow or someone else might be able to add some more details.