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> From: Stan Rubenstein <stansan@xxxxxxx>
> To: realtraders@xxxxxxxxxxxxx
> Subject: Fw: Index Leaps
> Date: Tuesday, May 19, 1998 6:49 PM
>
>
>
> ----------
> > From: Stan Rubenstein <stansan@xxxxxxx>
> > To: David Cicia <David.D.Cicia@xxxxxxxxxx>
> > Subject: Re: Index Leaps
> > Date: Tuesday, May 19, 1998 6:48 PM
> >
> >
> > David:
> > In re to your answer (below) to my answer:(further below)
> > Option symbols are controlled by the CBOE. The first 3 letters will
refer
> > to the
> > underlying asset (e.g. SPX) which in the case of LEAPS refers to the
SPX
> > expiration which is LSY (Dec '98) and LSX (Dec ' 99) and LSZ (Dec
'00).
>
> > The next symbol refers to Calls (L) or Puts (X) and the last or fifth
> > symbol
> > refers to the Strike price.
> > I just checked up on the LEAPS for SPX Puts and there are 3, one of
which
>
> > is yours.
> > LSYXI = Dec '98 110 PUT Last 5.5 O.I. 1197
> > LSXXI = Dec'99 110 PUT Last 8.75 O.I. 1323
> > LSZXB = Dec'00 110 PUT Last 9.875 O.I. 9767
> >
> > So you were given the correct Option symbol LSXXI but note the greater
> > O.I. in Dec 2000 LEAPS.
> > If you're looking for Insurance to hedge your portfolio your choice of
> > expiration
> > year depends on your affordability.
> >
> > Good luck.
> > P.S. Even my data vendor sometimes drops quotes (Strike/Expiration
> combo's)
> > but my quote vendor never misses. I use DLJ Direct.
> >
> > ----------
> > > From: David Cicia <David.D.Cicia@xxxxxxxxxx>
> > > To: stansan@xxxxxxx
> > > Cc: realtraders@xxxxxxxxxxxxxx
> > > Subject: Re: Index Leaps
> > > Date: Monday, May 18, 1998 7:57 PM
> > >
> > > 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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