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To: Ken Beal who wrote (72877)	10/19/1998 1:06:00 AM
From: Chuzzlewit	Read Replies (1) \| Respond to of 176387

Ken, I think you are guys are talking at cross purposes. I believe that 95% of all out of the money when written options expire worthless. For example, a significant number of in the money calls are written as insurance. TTFN, CTC

To: Ken Beal who wrote (72877)	10/19/1998 10:09:00 AM
From: PMS Witch	Read Replies (1) \| Respond to of 176387

"The CBOE statistics indicate that approximately 35% of option contracts expire worthless." Interesting statistic. What isn't addressed is of those options which expire with some value, how may have value sufficient enough to prove profitable to those who traded them. If I sell an option for $5 and must close it for $1, it did NOT expire worthless, but I benefit from having initiated the position anyway. Just a thought, PW. P.S. Wrote (sold) DLQ Jan99 $40 Puts on Oct 8th for 7.625 with DELL trading at 42.75 and hoping this position closes within the magic 35% window.