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Technology Stocks : Dell Technologies Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Chuzzlewit who wrote (72645)	10/17/1998 7:11:00 AM
From: Geoff Nunn	Read Replies (2) \| Respond to of 176387

Hi Chuz, re: options trading What I was trying to do yesterday was to sell (write) calls on the Dell 75 Jan 2000 contract. At the time I submitted my order Dell was trading at $59+ and the option had last traded at $13. The spread was 12 1/4 by 13. My offer was to sell at 12 3/4. If the system works as nihil suggests, I would think 12 3/4 would have become the new asked price. Unfortunately this didn't happen. It soon occurred to me that the minimum trade I specified - 10 contracts - may be at fault, so I resubmitted without this restriction - still no action. As the price of Dell began to drop the option's bid and asked price also dropped. Yet the spread continued to be 3/4 pt most of the time. Occasionally the spread was narrower. Anyway, I resubmitted offers continuing at 1/4 pt below the asked price. Although I had no legitimate expectation of getting a fill - after all these are thinly traded markets, yet it was pretty frustrating not to see my offers represented. If the system works the way nihil says, then the best bid/asked prices should be reflected. Based on my experience yesterday he is incorrect. Perhaps though, he is really only saying that the system gives execution to the best prices (highest bid, lowest asked) whether it reports them or not. Yet I also have my doubts about that. Before I come to a final conclusion though I am going to do further experimentation. Geoff