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Technology Stocks : Micron Only Forum -- Ignore unavailable to you. Want to Upgrade?

To: John Graybill who wrote (27013)	1/23/1998 9:16:00 AM
From: Patrick Koehler	Read Replies (1) \| Respond to of 53903

John, during 1997, I traded optiions about 300 times, and expect to double that in 98. Most of the time, when I trade options, I have my fingers crossed. Many times, the option that offers the best return, has the lowest volume, and can be a risk. My last check at 3:27 yesterday on MUBY, Feb 27.5 calls, had only 18 contracts traded. What happens to a large order of 30 or more contracts? Do you go market and get ripped off, or limit, and possibly miss the play? I normally trade in units of 10 contracts to limit my risk, as I feel that I am at the mercy of the MM's (or whatever they are called). I always thought that the specialist had to honor up to 10 contracts on the bid ask, and learned this week, that they are only required to honor one (1) contract! I expect most of my trading to be long or short stock, because of the liquidity. Even then, the stock can move too fast for me. When I covered yesterday at market, the stock ask was 32 3/8, but x number of shares were covered at 32 7/16, and y number of shares covered at 32 1/2. There wasn't enough stock available to cover all of my order at the lower price. But such is the life in the fast lane! <gg> That's MU. Patrick