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> From: David Cicia <David.D.Cicia@xxxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> Subject: Index Leaps
> Date: Monday, May 18, 1998 1:19 AM
>
> I was trying to buy index leaps this morning, the spx dec 99 puts at
110
> strike (symbol lsxxb.) My broker said these aren't available, although
they
> were listed in their symbol lookup. Supposedly these sell at strikes 1/10
> the index, but the broker told me it apeared to him that they are now
> selling for the full index, and the same story for oex leaps.
> I couldn't find info at the cboe website either. Their info says the
> symbol is correct and it should sell for 1/10, and the oex leaps for 1/5
> the index.
> My broker could not find an at-the-money or even a near-the-money
strike
> price for either option series.
> Does anyone know about these options, and how to buy them? I am trying
to
> buy insurance for my stock portfolio. SPX leaps seem like they would be a
> good way to go, if they are 1/10 the index this is what I need.
>
> Thanks,
> David Cicia
David, I trade the S&P500 LEAPs. Your Dec 99 Calls should be LSZLB (Dec
110)
and Puts are LSZXB (Dec 110) and they are priced at 1/10th the SPX.
I trade on-line and can get both quotes and open interest.
When I looked at these on April 30th the Open Interest for the Dec 110
Calls was 5461
contracts and 5050 for the Puts. Although the volumes were small, as they
should be for 2 year LEAPS, there is cumulative action.
I wonder if your broker is really trying. Also the quotes can be found at
www cboe org.
Good luck,
STAN
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