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I believe that it is because there is an order to buy at the market on the
close, Your order to sell is being picked up off ROES and taken to the floor
because it is out of the market at the time it is placed, then another floor
broker is filing an market order to buy at the close. Its a crap shoot as to
who's order gets to fill whose order. The CBOE rules allow trading till 4:20 to
settle the at the close orders. I didn't get the 11 1/4 yesterday but always get
great fills just out of the market in my favor on OEX options as well. But the
guy filled at 11 1/4 on the other side thinks he got a lousy fill.
____________________Reply Separator____________________
Subject: Re: oex puts 9/10/98 today
Author: Yuri K
Date: 9/11/98 3:59 AM
>At 10:15 PM 9/10/98 -0400, you wrote:
>> I don't know why the OEX puts ran up so much after the close, but I sure
>got screwed on it! I was holding OEXUN Puts at the close of the market and
>at 4:00 pm the option stood at 9 7/8. I've had good luck at skiming a few
>eighths or quarters after the market closes and so I put in an order to sell
>at 10 ( a nice 2point profit!). Boom, my order got executed, but only a few
>minutes later the option was 11 1/4. I left a pile of money on that table.
>>
>> If you find out how to predict this, let me know.!
Watch the spooz, they tanked rather abruptly right into the close. And if
you don't have enough capital do not be on the consumer end of the option
game.
>>A lot of short covering took place for some reason on the Globex today right
>AFTER the close of the day trade.
Some reason was an announcement by Intel. NDX futures went 25 pts up.
Yuri K
Vancouver, USA
Festina lente
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