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Re: Is RJ Obrian out of bussiness?



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The 3% factor at work again.&nbsp; Ira.
<p>RAY RAFFURTY wrote:
<blockquote TYPE=CITE><style></style>
There have been power outages in
Chicago, including the CBOE.&nbsp; That may be the problem.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Good luck and good trading,&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
Ray Raffurty
<blockquote 
style="BORDER-LEFT: #000000 2px solid; MARGIN-LEFT: 5px; MARGIN-RIGHT: 0px; PADDING-LEFT: 5px; PADDING-RIGHT: 0px">
<div style="FONT: 10pt arial">----- Original Message -----</div>

<div 
  style="BACKGROUND: #e4e4e4; FONT: 10pt arial; font-color: black"><b>From:</b>
Andrew</div>

<div style="FONT: 10pt arial"><b>To:</b> realtraders@xxxxxxxxxxxx</div>

<div style="FONT: 10pt arial"><b>Sent:</b> Thursday, August 12, 1999 12:04
PM</div>

<div style="FONT: 10pt arial"><b>Subject:</b> Is RJ Obrian out of bussiness?</div>
&nbsp;<font size=-1>One of my brokers is RJ Obrian.&nbsp; and their phone
lines have been down all morning.</font><font size=-1>All of them.&nbsp;
The sp floor, general lines, and several desks that I work with all dead.</font><font size=-1>Even
the main sales line is dead.</font>&nbsp;<font size=-1>Are they out of
business?&nbsp; I thought it was the phone lines, but I can get my back
up broker and he is at the cme also and is a stones through away from the
RJ obrian desk, so it is not the phone lines in Chicago.</font>&nbsp;&nbsp;<font size=-1>Anyone
know what is going on?</font>&nbsp;<font size=-1>Andrew.</font>&nbsp;<font size=-1>Ps.</font></blockquote>
</blockquote>

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</x-html>From ???@??? Thu Aug 12 13:53:56 1999
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Date: Thu, 12 Aug 1999 12:45:30 -0700
From: Ira Tunik <ist@xxxxxx>
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To: Earl Adamy <eadamy@xxxxxxxxxx>
CC: realtraders@xxxxxxxxxxxx
Subject: Re: RT_Re: Limit Down
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The options premium in the calls and the puts would remain comparable.  The
conversion/reversal would see to that.  Ira.

Earl Adamy wrote:

> Although I've read Macmillan's original book on options, I haven't traded
> them in years and when I did I generally wrote covered calls. My experience
> in using options in a case like this is nil. That said, I'll venture a few
> comments. Generally the safe returns are earned by selling premium rather
> than buying premium. Also, premiums are generally highest when directional
> volatility is highest. In this case, where downside volatility is extremely
> high, one could expect to pay dearly in premium for the put while earning
> little in premium for the call. Assuming the initial move is approaching
> support, one could reasonably expect the short volatility premium to
> contract and the long volatility premium to remain flat or expand. Thus from
> an options standpoint, I would want probably seek to sell put premium and
> buy call premium. While this might well be a sound approach as an options
> trade, it would only compound and complicate the problem of the current long
> position - the very reason why I prefer to run simple long and short futures
> trades.
>
> Earl
>
> ----- Original Message -----
> From: RAY RAFFURTY <rrraff@xxxxxxxx>
> To: <realtraders@xxxxxxxxxxxx>; Howard Hopkins <hehohop@xxxxxxxxxxx>
> Cc: Real Traders <realtraders@xxxxxxxxxxxxx>
> Sent: Thursday, August 12, 1999 11:24 AM
> Subject: RT_Re: Limit Down
>
> > Hi Howard,
> >
> > As you may know, you can create a synthetic position with options.  To
> > create a synthetic short position, the opposite of your long position, you
> > BUY a put and Sell a call.  If you buy the put and sell the call at the
> same
> > strike price, you will have the equivalent of a short future position to
> > offset your long future position.  You may lock in a small loss but it
> will
> > be better than days of  lock limit down.  Call your broker, hopeful he
> will
> > be able to suggest to best options to hedge your longs.
> >
> > Other suggestions, anyone?
> >
> >                                     Good luck and god trading,
> >
> >                                                 Ray Raffurty
> >
> > P.S.  For your owe protection, please learn option strategies before you
> > continue trading.