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Guys!
This ain't new! It happens every quarter! Four times a year, expect the
closes to be heavily influeneced by non-futures related pricing, namely
fair value. Go to the CME and read about it. And do yourself a favor...mark
it on your calendar that the last trading day of every month is a shorter
day and that the last day of every quarter may be extremely influenced by
fair valuation during the settlement session.
If you're worried, go flat right before the close and get back in after.
Best,
Tim Morge
At 04:49 PM 4/2/01 -0500, Don Roos wrote:
>Don:
>
>Thanks for the info: I can only say that I would be mad as hell if I owned a
>1170 call and the market closed at 1177, but some insiders are allowed to
>take it down to 1169.2 so my call is now worthless and the call sellers are
>happy while the less well healed call buyers are out of dough.
>
>If anyone can reasonably explain this so as to assuage my suspicions about
>this apparently mercenary if not illegal activity on Friday's close, by all
>means, give it a whirl.
>
>dr
>
>----- Original Message -----
>From: "Don Ewers" <dbewers@xxxxxxxxxxxxx>
>To: "Omega List" <omega-list@xxxxxxxxxx>
>Sent: Monday, April 02, 2001 10:12 AM
>Subject: Fw: [RT] Early close for stock index futures
>
>
>Don R./Matt
>The stock index futures at the CME now close early at 4:05 ESTthe last
>trading day of the month, in this case Friday March 30, for monthly fair
>value settlement. This occurs each month now.
>
>The difference may be the close at 3:05 versus the settlement price?
>don ewers
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