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Strategies & Market Trends : Options for Newbies -(Help Me Obi-Wan-Kenobe) -- Ignore unavailable to you. Want to Upgrade?

To: Jeffrey Beckman who wrote (562)	1/17/1998 3:51:00 AM
From: ----------	Read Replies (1) \| Respond to of 2241

Jeffrey: 1) Refer to Michael DePinto's most recent posts regarding the time of day options trade. 2) In my observation, the lag between stock prices & option prices is about 1 foot per nano-second, (put plainly, that is the speed of light). 3) Your last question is a good one. By definition, a lightly traded option is illiquid, due to the absence of public buyers & sellers. *****This will probably get me more flak than a b-17 over Berlin* but my honest opinion is you are treated as you treat the specialist. On many, many occaisions, if I enter an option order at a price, I suddenly find myself the posted "bid or "ask". (In other words the market moves without me being filled.) On thinly traded options, at least those I frequent, it would appear there is an unspoken "gentleman's agreement." If I put in a market order to buy, I am filled at or below the ask. Same on the sell side. I must STRONGLY remind you there is NO requirement that this must happen. I trade 10 -15 lots of a few stocks I follow. There is no requirement the specialist honor that size order. But, I have been treated fairly. On the few occaisions I enter spreads, I've found they are being filled far more frequently than a year or so ago. Just my experience.... no promisies, no suggestions & absolutely no guarantees. Doug