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Strategies & Market Trends : How To Write Covered Calls - An Ongoing Real Case Study! -- Ignore unavailable to you. Want to Upgrade?

To: Spots who wrote (10209)	4/1/1999 9:26:00 PM
From: NateC	Read Replies (2) \| Respond to of 14162

>> Option limit orders: The MM is legally obligated to sell up to 10 contracts when an order comes in AT THE ASK. Yeah. But you have to be willing to call them on it. On many occasions I've smacked the ask on a buy and have had the ^&&* move the market away from me. this doesn't make sense. Can you clarify for me? If I want to sell a Call (10 contracts).....and it is, say 3/4 by 15/16.....Is this supposed to mean that the MM has a legal obligation to sell this to me at the ASK of 15/16 ??? this is counter-intuitive. How does he make any money selling anything at the Ask?? Also.....if this is correct.....is he (MM) NOT obligated if I try to sell 9 or 11 contracts?? only 10? and BTW....this thread continues to be terrific. I've read lots of options books, seen videotapes...but this is the best education there is, IMHO....and thanks Herm, et al!!

To: Spots who wrote (10209)	4/1/1999 11:47:00 PM
From: Gersh Avery	Read Replies (1) \| Respond to of 14162

A brief note then back to lurk. When I noticed the MM's moving the prices away from me I got into the habit of canceling the order. Of course I was a buyer not a seller .. but the way that I figured was that someone was buying contracts to pass over to me and was waiting for me to change my offer. It was amazing how many times that it turned out that it was just to late to cancel the order as it was partially or entirely filled<g>. It was pleasant to think the MM was about to be holding the bag. After a while they stopped trying to play these games with me .. that is provided that the offer that I was making was reasonable. It would not surprise me to find out that there is a record of who will and who will not chase the contract. Gersh back to lurk