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To: mishedlo who wrote (2641)	8/10/2002 7:45:26 AM
From: skinowski	Respond to of 10157

I cooled off my options trading for a while, but I recall they basically always open options trading at least a few minutes after the underlying. I don’t think this is unusual. Also, I don’t see how the Specialist could short the stock above the market, unless I misunderstood you. They can and probably do short it as insurance when they sell puts, but then they are taking market risk that the stock may move against them, and even may eat up the premium and cost them money. I had a similar experience a while back. A stock broke several points at the open, and they would not pay me one cent more than the intrinsic value. Could be that at such moments there is no demand for such puts, since people are looking for a bounce.