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Stan,
Thanks for your reply. I trade with Fidelity on their website. It
wouldn't take my order for LSXXB and neither would their broker when I
called. Both said they couldn't get quotes on it. I finally called the CBOE
and asked what the Dec 99 110 puts were and was told LSXXI, so that is what
I bought. Fidelity's website took that order.
Is this the wrong info? I am in the dark since I cannot get anything
from my broker, and BMI doesn't have LSX listed in the options that I get
(they have LSY and LSZ - which, by the way, is listed on the CBOE website
as Dec 2000 leaps.) So the whole thing is somewhat bewildering.
I am not trying to trade these things, just use them for portfolio
insurance based on my view that the stock market is very vulnerable here.
Thanks for your response,
David Cicia
At 06:36 PM 5/18/98 -0400, Stan Rubenstein wrote:
>
>
>----------
>> 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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