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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: Death Sphincter who wrote (16719)	4/16/1998 11:51:00 PM
From: Peter Goss	Respond to of 94695

S&P taking a rather nasty beating right now on Globex>> Yeah, just saw that - down 930 to 1106 Asia getting maimed again too. Will be an interesting Friday. Peter

To: Death Sphincter who wrote (16719)	4/17/1998 10:14:00 AM
From: Oeconomicus	Read Replies (4) \| Respond to of 94695

OK, you option gurus, answer this. Why would anyone be willing to pay me a full point at the close yesterday for my SPX April 1100 puts? It would have to open gap down 9 1/2 points or so to be worth owning and if one expected that, why not just buy May puts instead? If someone was closing a short put position for fear of a gap down opening, why wait 'til the close and still pay a full point? Seems to me we had a much better chance of clearing 1100 during the day yesterday than at the open today. I'm not complaining about salvaging a point - just wondering what am I missing. Anyone? Bob