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Hi, nobody ever really has to take delivery. If you are in the market
on notice day and do get tendered, you just have it reassigned or
retendered for a nominal cost (less than $100). In the sixteen years
I've been handling customers, I've never had to take a delivery.
Another thing, only the long positions have to be out by notice day,
shorts can stay up until the last day (although I don't advise it,
remember March Wheat in '96 on expiration) Rolling over should be done
systematically, without trying to be cute.
Paul B
KCSpread@xxxxxxx wrote:
>
> In a message dated 98-06-23 15:29:31 EDT, dconn@xxxxxxxxx writes:
>
> <<
> I only want to suggest that if I were in a futures contract that expired in
> three days, I'd be extremely nervous! Maybe I'm paranoid, but I wouldn't
> care to get closer than seven days (tops). If I'm wrong to think this way,
> I'd appreciate being corrected by someone. It just seems too close to
> having to actually deliver the goods - or take delivery, as the case may
> be. >>
>
> Some contracts are cash settled. Usually I'm out long before FND. Remember
> $7.50 wheat? Someone stayed in too long.
>
> ---------------------------------------------------------------
>
> Subject: Re: Rollover
> Date: Tue, 23 Jun 1998 15:20:57 -0400
> From: "Dennis Conn" <dconn@xxxxxxxxx>
> To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
>
> Hi Trevor,
>
> I only want to suggest that if I were in a futures contract that expired in
> three days, I'd be extremely nervous! Maybe I'm paranoid, but I wouldn't
> care to get closer than seven days (tops). If I'm wrong to think this way,
> I'd appreciate being corrected by someone. It just seems too close to
> having to actually deliver the goods - or take delivery, as the case may
> be.
>
> Dennis C.
> dconn@xxxxxxxxx
>
> ----------
> > From: De Vries, Trevor <Trevor.DeVries@xxxxxxxxxx>
> > To: RealTraders Discussion Group <realtraders@xxxxxxxxxxxxxx>
> > Subject: Rollover
> > Date: Tuesday, June 23, 1998 9:22 AM
> >
> > R'Ters
> >
> > Can someone please explain to me how you 'rollover' your futures
> contract:
> >
> > ie. I am long Sugar which for example expires in 3 days.
> > Do i have to close this out and then buy the next months contract,
> thereby
> > incurring the additional commisions ? or is there another way.
> >
> > Regards
> >
> > Trevor De Vries
> >
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