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Technology Stocks : Ascend Communications (ASND) -- Ignore unavailable to you. Want to Upgrade?

To: James A. Shankland who wrote (29320)	1/4/1998 4:28:00 PM
From: Glenn D. Rudolph	Read Replies (2) \| Respond to of 61433

I. Call options are often more heavily traded, and hence more liquid. James, There is pleanty of liquidity in any option that is heavily traded. Take a look at the open interest on ASND puts and calls: DESCRIPTION LAST BID ASK CHG HIGH LOW VOL OI SYM ------------- ------- ------- ------- ------ ------- ------- ------ ----- ----- C JAN98 20.0 5 1/2 5 5/8 6 +5/8 5 1/2 5 1/4 80 1075 QQAAD C JAN98 22.5 3 3/4 3 1/2 3 3/4 +13/16 3 3/4 2 7/8 73 1711 QQAAX C JAN98 25.0 1 7/8 1 13/16 1 15/16 +3/8 2 1 5/16 1073 14344 QQAAE C JAN98 25.0 1/16 0 1/4 -3/16 1/16 1/16 30 618 CXUAE C JAN98 30.0 7/16 3/8 1/2 +1/16 1/2 5/16 1663 19779 QQAAF C JAN98 30.0 3/16 0 1/4 0 0 0 0 2556 CXUAF C JAN98 35.0 1/8 1/16 3/16 +1/16 3/16 1/16 268 10339 QQAAG C JAN98 35.0 3/16 0 1/4 0 0 0 0 487 CXUAG C JAN98 40.0 1/16 0 1/8 0 1/16 1/16 1 9186 QQAAH C JAN98 40.0 1/16 0 1/4 0 0 0 0 412 CXUAH C JAN98 45.0 1/16 0 1/16 0 1/16 1/16 3 4267 QQAAI C JAN98 45.0 1/4 0 1/16 0 0 0 0 598 CXUAI C JAN98 50.0 1/16 0 1/16 0 0 0 0 3013 QQAAJ C JAN98 55.0 1/16 0 1/16 0 0 0 0 1592 QQAAK C JAN98 60.0 1/16 0 1/16 0 0 0 0 2837 QQAAL C FEB98 20.0 5 7/8 6 1/8 6 1/2 0 0 0 0 365 QQABD C FEB98 22.5 5 4 5/8 4 7/8 +7/8 5 4 3/4 37 258 QQABX C FEB98 25.0 3 1/8 3 1/4 3 1/2 +1/4 3 1/4 2 5/8 187 3081 QQABE C FEB98 30.0 1 7/16 1 3/8 1 9/16 +3/8 1 1/2 1 3/16 371 1066 QQABF C MAR98 20.0 6 1/2 6 7/8 7 1/4 +1/4 6 1/2 6 1/2 14 517 QQACD C MAR98 22.5 5 5 1/8 5 1/2 +1/2 5 1/8 5 1/8 17 590 QQACX C MAR98 25.0 3 3/4 3 3/4 4 +3/8 3 3/4 3 1/4 96 2617 QQACE C MAR98 30.0 1 7/8 1 7/8 2 +3/8 1 7/8 1 1/2 179 5363 QQACF C MAR98 35.0 15/16 13/16 15/16 +1/4 1 3/4 177 4956 QQACG C MAR98 40.0 7/16 3/8 1/2 +1/8 7/16 3/8 6 8687 QQACH C MAR98 45.0 1/8 1/16 3/16 0 0 0 0 3545 QQACI C MAR98 50.0 1/16 0 1/8 0 0 0 0 1391 QQACJ C MAR98 55.0 1/16 0 1/8 0 0 0 0 943 QQACK C MAR98 60.0 1/16 0 1/16 0 0 0 0 1310 QQACL C JUN98 20.0 7 1/4 7 1/2 7 7/8 0 0 0 0 374 QQAFD C JUN98 22.5 6 1/2 6 3/8 6 3/4 +1/2 6 1/2 6 1/2 5 228 QQAFX C JUN98 25.0 4 7/8 5 1/8 5 3/8 +3/8 4 7/8 4 5/8 16 1502 QQAFE C JUN98 30.0 3 1/4 3 1/8 3 3/8 +1/2 3 1/4 2 5/8 54 1782 QQAFF C JUN98 35.0 1 13/16 1 13/16 2 +3/16 1 13/16 1 5/8 44 1795 QQAFG C JUN98 40.0 1 1 1 1/8 0 1 1 5 725 QQAFH C JUN98 45.0 1/2 9/16 11/16 +1/8 1/2 1/2 20 684 QQAFI C JAN99 20.0 8 7/8 9 1/2 9 7/8 -1/8 9 8 7/8 20 392 VSDAD C JAN99 25.0 6 5/8 7 7 3/8 0 6 5/8 6 5/8 4 2744 VSDAE C JAN99 30.0 4 1/2 5 5 3/8 +1/8 4 3/4 4 3/4 8 6075 VSDAF C JAN99 35.0 3 5/8 3 1/2 3 3/4 +1/4 3 1/4 3 1/4 51 1607 VSDAG C JAN99 40.0 2 1/2 2 7/16 2 11/16 +3/8 2 3/16 2 3/16 10 3931 VSDAH C JAN99 45.0 1 7/8 1 11/16 1 15/16 +1/2 1 11/16 1 5/8 74 3508 VSDAI C JAN99 50.0 1 1/16 1 1/16 1 5/16 0 0 0 0 380 VSDAJ C JAN99 60.0 3/8 7/16 11/16 0 0 0 0 4919 VSDAL C JAN00 20.0 11 3/8 11 3/4 12 1/8 0 0 0 0 434 LZCAD C JAN00 25.0 9 7/8 9 1/2 9 7/8 +7/8 9 9 32 1065 LZCAE C JAN00 30.0 7 5/8 7 1/2 7 7/8 +3/4 7 5/8 6 7/8 63 2301 LZCAF C JAN00 40.0 4 7/8 4 7/8 5 1/8 +3/8 4 7/8 4 7/8 20 3622 LZCAH C JAN00 50.0 3 3 1/8 3 3/8 0 0 0 0 1106 LZCAJ C JAN00 55.0 0 0 0 0 0 0 0 0 LZCAK C JAN00 60.0 2 1/8 2 1/16 2 1/4 +1/4 2 1/8 2 1/8 6 2222 LZCAL * * * P U T S * * * For DBS clients authorized to trade options. Click on description to go directly to option order entry. DESCRIPTION LAST BID ASK CHG HIGH LOW VOL OI SYM ------------- ------- ------- ------- ------ ------- ------- ------ ----- ----- P JAN98 20.0 3/16 1/8 1/4 -1/16 1/4 3/16 60 4391 QQAMD P JAN98 22.5 1/2 1/2 9/16 -5/16 13/16 1/2 1129 4986 QQAMX P JAN98 25.0 1 5/16 1 1/8 1 5/16 -1/2 1 13/16 1 3/16 243 6097 QQAME P JAN98 25.0 8 3/4 6 5/8 7 1/8 0 0 0 0 742 CXUME P JAN98 30.0 4 5/8 4 3/8 4 5/8 -1 1/4 5 1/2 4 5/8 150 11175 QQAMF P JAN98 30.0 12 3/4 11 1/2 12 1/4 0 0 0 0 374 CXUMF P JAN98 35.0 9 1/2 9 1/8 9 3/8 -1 10 3/8 9 1/2 45 5365 QQAMG P JAN98 35.0 17 3/8 16 1/2 17 1/4 0 0 0 0 59 CXUMG P JAN98 40.0 14 5/8 14 1/8 14 1/2 -7/8 14 5/8 14 5/8 3 1097 QQAMH P JAN98 40.0 22 3/8 21 3/8 22 3/8 0 0 0 0 38 CXUMH P JAN98 45.0 19 7/8 19 1/8 19 1/2 -1 3/4 19 7/8 19 7/8 6 123 QQAMI P JAN98 45.0 28 5/8 26 5/8 27 1/8 0 0 0 0 0 CXUMI P JAN98 50.0 22 5/8 24 1/2 25 1/2 0 0 0 0 143 QQAMJ P JAN98 55.0 30 1/8 29 1/2 30 1/2 0 0 0 0 40 QQAMK P JAN98 60.0 35 1/4 34 1/2 35 1/2 0 0 0 0 0 QQAML P FEB98 20.0 13/16 11/16 13/16 -1/4 1 13/16 50 469 QQAND P FEB98 22.5 1 3/8 1 5/16 1 1/2 -5/16 1 15/16 1 3/4 40 437 QQANX P FEB98 25.0 2 5/8 2 5/16 2 9/16 -3/8 2 3/4 2 3/4 8 663 QQANE P FEB98 30.0 5 5/8 5 3/8 5 3/4 -3/8 6 1/8 5 5/8 95 679 QQANF P MAR98 20.0 1 1/4 1 1/16 1 3/16 0 1 1/4 1 1/4 12 2821 QQAOD P MAR98 22.5 2 1/16 1 13/16 2 -1/16 2 1/16 2 1/16 4 715 QQAOX P MAR98 25.0 3 2 11/16 2 15/16 -1/4 3 2 7/8 31 2921 QQAOE P MAR98 30.0 6 1/4 5 3/4 6 1/8 +1/8 6 1/4 6 30 3184 QQAOF P MAR98 35.0 10 9 5/8 10 -1/2 10 1/2 10 3/8 43 3392 QQAOG P MAR98 40.0 15 14 1/8 14 1/2 -1/8 15 15 5 2166 QQAOH P MAR98 45.0 20 5/8 19 1/4 20 0 0 0 0 105 QQAOI P MAR98 50.0 24 3/4 24 1/4 25 1/4 0 0 0 0 64 QQAOJ P MAR98 55.0 32 29 3/8 30 3/8 0 0 0 0 15 QQAOK P MAR98 60.0 33 3/8 34 3/8 35 3/8 0 0 0 0 3 QQAOL P JUN98 20.0 1 7/8 1 5/8 1 13/16 -1/8 1 7/8 1 7/8 6 728 QQARD P JUN98 22.5 3 1/4 2 5/8 2 7/8 0 0 0 0 245 QQARX P JUN98 25.0 4 1/8 3 7/8 4 1/8 0 0 0 0 1415 QQARE P JUN98 30.0 6 7/8 6 5/8 7 -1/8 7 1/4 6 7/8 9 1551 QQARF P JUN98 35.0 10 1/2 10 1/4 10 5/8 -5/8 10 7/8 10 1/2 27 1703 QQARG P JUN98 40.0 15 7/8 14 3/4 15 1/8 0 0 0 0 767 QQARH P JUN98 45.0 18 19 3/4 20 1/8 0 0 0 0 36 QQARI P JAN99 20.0 2 7/8 2 5/8 2 7/8 0 0 0 0 256 VSDMD P JAN99 25.0 5 1/8 4 7/8 5 1/8 0 5 1/8 5 1/8 12 1138 VSDME P JAN99 30.0 8 1/8 7 3/4 8 1/8 -1/8 8 1/8 8 1/8 1 2877 VSDMF P JAN99 35.0 11 3/8 11 11 3/8 +1/4 11 3/8 11 3/8 2 620 VSDMG P JAN99 40.0 16 1/4 15 1/8 15 1/2 +1/8 16 1/4 16 1/4 1 1567 VSDMH P JAN99 45.0 21 19 3/8 19 3/4 0 0 0 0 401 VSDMI P JAN99 50.0 24 5/8 24 1/8 24 1/2 0 0 0 0 36 VSDMJ P JAN99 60.0 35 1/2 33 3/4 34 3/4 0 0 0 0 87 VSDML P JAN00 20.0 4 1/8 3 7/8 4 1/8 -1/8 4 1/8 4 1/8 10 343 LZCMD P JAN00 25.0 6 1/4 6 1/4 6 5/8 -1/8 6 3/8 6 1/4 14 239 LZCME P JAN00 30.0 9 1/2 8 3/4 9 1/8 0 0 0 0 888 LZCMF P JAN00 50.0 25 24 3/8 24 3/4 0 0 0 0 437 LZCMJ P JAN00 55.0 0 0 0 0 0 0 0 0 LZCMK P JAN00 60.0 35 1/4 34 1/8 34 1/2 0 0 0 0 1077 LZCML <iII. I sometimes see a price difference: you seem to get a better deal writing the call. I don't know why this is. (It would also seem to imply that there's money to be made in arbitrage here.) Take a look at the beta and theta of the same sprike/month put and call and you will likely find them very close. The equity tied up in the long shares far offsets and arbitrage one may find. III. I have some stocks that I'm holding long-term, but I'm not above doing occasional short-term trades in covered calls on these stocks. If I'm already holding the stock anyway, it's easier to write a CC than a naked put. Why would it be easier? A trade is a trade. Glenn