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To: Jurgen Trautmann who wrote (9175)3/5/2001 12:09:52 PM
From: Gersh Avery  Respond to of 11051
 
I have read some things about historical bear markets. Perhaps many things.

I'm sorry that I did not make myself clear before. You had asked for thoughts about options and I had responded about futures.

The current state of OI on options is not something that I'm up to date on. My note was about the OI of future contracts.

I understand that most option contracts are written "naked."

However, I believe, that the very large commercial short of futures contracts are neutral situations .. until, that is, the contracts expire.