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Strategies & Market Trends : Tech Stock Options -- Ignore unavailable to you. Want to Upgrade?

To: B.REVERE who wrote (53099)	9/17/1998 4:59:00 PM
From: AlanH	Read Replies (1) \| Respond to of 58727

B.Revere, re; SPX closing purchases I'm off to the airport to retrieve a friend, so I can't adequately answer your question (at the moment). My guess is that someone was offsetting a position and 5/8 was cheap relative to risk, etc. Keep in mind that TODAY is the last day to buy Sep SPX, but exercise cannot commence until afterward. Back in Oct '87, a shenanigan was pulled where LOTS of SPX options were exercised overnight, and the writers (typically MMs) had to scramble to cover; the result was a rather nasty decline. Again, just a sketch in the interest of time. GT, Alan