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To: Eddie Kim who wrote (72951)	10/19/1998 4:00:00 PM
From: TigerPaw	Read Replies (1) \| Respond to of 176387

OT option prices. It seems to me that if I sell an option and it looks like it is going to be worthless I would let it ride. If it looks like it may cause me to cover I would be more likely to buy it back. From a starting point of more or less random option sales around the current price there would be more worthless ones left at expiration time. TP

To: Eddie Kim who wrote (72951)	10/19/1998 5:59:00 PM
From: SecularBull	Read Replies (1) \| Respond to of 176387

Eddie, I find myself in the uncharacteristic light of agreeing with you (at least in part). I am convinced that MMs have an overwhelming amount of control over the prices of stocks. It is only when the tide is too much for them to control (huge volume and price moves), that they don't have this control. Even then, though, they get it back at some point to limit their losses further. For instance, if the Fed had not lowered rates on Thursday, I'm convinced the MMs would've held the price to <$55. However, the upward pressure (being too much for them to manipulate) blew through $55, but they were able to hold it under $60. They probably even sold 60s covered calls, just to get some of the losses at $55 back. MMs are a very powerful force in the markets, and we must all take that into account when placing our bets. Regards, LoD