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To: Tommaso who wrote (255127)	8/11/2003 9:13:05 PM
From: At_The_Ask	Read Replies (2) \| Respond to of 436258

Pretty sweet, I guess puts were way cheap during the bubble. I don't really try to do the valuations on them I just usually hope to hitch a ride. OTM options are almost always priced just high enough to be fairly unlikely. I've had some success with trading weird index options like the msh and the russel but they usually have at least some OI. It's more or less me against the specialist so you take a hit on the big spread right away and if you stop out your going to lose a big percentage. From looking at the june 04 chain I would guesstimate that had a person bought a 42.5 call around the lows in june that they would have better than doubled. Of course that was an extraordinary jump in rates too. They could just keep shooting up but most likely they will retrace some or go sideways for a bit. Especially if stocks fall.