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To: Christineesq who wrote (47995)	7/17/1998 12:57:00 PM
From: ViperChick Secret Agent 006.9	Read Replies (1) \| Respond to of 58727

from patrick <<Large exercise means only small late buy programs if at all. Small exercise with the OEX over 575 equals sizeable buy programs. But I lost the number for the CBOE. I think it was 800-Options or something like that.>>>>>>> okay here is my take on what he is saying since he is MIA at the moment large exercise whether from thurs to fri morning or during friday means POSSIBLY small buy programs at end of day and thus not much action versus if they hadnt been exercised then large movement (thus this is the part of arbitrage that is still beyond me ) Mcmillan seems to have been right every month for the time Patrick has posted this kind of info btw, some people made some good money last month in just trading for that last hour on the OEX (NOT ME) now have you gone and wasted your three posts darnit what a day for you not to be able to post anymore ;-) hmmm wonder if it will be 580 as the strike price close....

To: Christineesq who wrote (47995)	7/17/1998 1:07:00 PM
From: ViperChick Secret Agent 006.9	Respond to of 58727

as I am sitting her cooking all these veg. from the garden (i feel like I am now a vegetarian have to get me some meat soon or...no comments Fred!!!) i was thinking about what you said so now that people have taken their profits or losses..but whatever they can get for those 580's your thinking it that they can now bust it through but there still has to be an arbitrage incentive to do that and so where does that arbitrage incentive come from

To: Christineesq who wrote (47995)	7/17/1998 1:40:00 PM
From: Patrick Slevin	Respond to of 58727

Sorry I can't keep up with this right now. Our housekeeper knocked out a circuit breaker and my Gateway with it. The Gateway is not on an UPs so I went ballistic because I was losing data. Then I slap a long position on and the gardener tells me the new sprinkler system is fouled up and wishes to show me so I miss an exit. THEN my wife asks me to re-install a system on her machine. This is not a good day for me. The logic for buy programs/exercise is to drive the market higher at the close. The $$ obtained through the exercise comes with the value of the index MOC.