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To: steve goldman who wrote (3983)	12/17/1998 4:29:00 PM
From: bazooka	Read Replies (1) \| Respond to of 4969

anyone, if i exercise a put option (lets say 10 contracts) without owning the underlying stock; will i be literally short 1000 shares of the stock (and will it appear on my balances)? if so, doesn't this allow me to circumvent the downtick rule. what, if any, are the limiations to this method. furthermore if i wanted to stay short a certain stock wouldn't this allow me to effectively keep my short position without having to waste a commision come expiration time. thanks in advance. bazooka :-)

To: steve goldman who wrote (3983)	12/17/1998 11:39:00 PM
From: scanshift	Read Replies (1) \| Respond to of 4969

Steve, I have made my prior question more specific. If you are going to place a limit bid order 3 points below the current market on AMZN, which ECN would you use. Would you go to the ECN that does the most volume in AMZN? Why do you not use ARCA? I would be most grateful for as detailed an answer you can give. If you prefer, you can answer this question in a private post. Thanks.

To: steve goldman who wrote (3983)	12/21/1998 10:53:00 PM
From: Jay Morrison	Read Replies (1) \| Respond to of 4969

<<INCA looks more professional than an ISLD quote, which may or may not help your cause. Why would INCA be "more professional"? It costs far more, so smaller investors wouldn't normally use it.>> ISLD (Island) is used by far more than just daytraders. Broker dealers (Merrill, Goldman, Morgan, etc) all use ISLD also. Many of the best daytraders in the world are former professionals who now use ISLD preciously because of the low costs. INCA is typically used by Mutual Funds due to the size more readily available. But most mutual funds are not daytrading. They look at a 52 week chart like I use a two day chart. There are as many mutual funds using INCA as there are people using ISLD, so it is impossible to read anything into it as being "more professional". I see thousands of shares on both sides of the market being traded by INCA all of the time. James