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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: Greg Higgins who wrote (10708)	5/11/1999 12:42:00 AM
From: Mike Devour	Respond to of 14162

Greg wrote: Remember, the last day to trade is the Friday before. You don't get to wait until the market closes to decide what you're going to do. Only exchange members get that privilege. Yup! And you need to do it before whatever cutoff the brokerages have set for trading that series on that day. I asked earlier about when options expiration is this month, what with the first being on a Saturday. I checked in McMillan and in Thomsett's "Getting Started in Options" and guess what? Thomsett seems to have it wrong. On page 49 he defines "last trading day" as "the Friday preceding the third Saturday of the expiration month of an option". McMillan states on page 6 (3rd edition) "The last trading day for an option is the third Friday in the expiration month." So this month, option expiration should take place on the fourth Saturday, which happens to be the day after the third Friday. That's still over a week away. You must make all of your decisions before close of business Friday and then wait to see how things play out (if you elect to leave some expiring position open). Oh, I'm trying to make my decisions well before then! <GRIN> I'm green enough not to want to push my luck. Thanks Greg, and all! Thread continues to excel. Mike