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Thanks for keeping us informed droex. Could you give us more information
about the ISE? URL? etc. In the meantime perhaps you could answer a
question. Last night I had this nightmare that I had been shrewd enough to
buy a 1,000 lot of OEX October 800 puts for virtually teenies on September 1
when the OEX was at 829. Then on Friday September 22 I wanted to cash in
with the OEX at 759. I placed the order in my nonbrowser based online order
entry window, hit the sell to close button, and waited, no fill, no fill, no
fill, minutes went by, then the speakers next to the monitor filled with
raucous laughter and a joyous cheer, "TO WHOM". So, the question is, is it
possible to get stuck in a deep in the money option with no liquidity,
market is moving against your position thousands of dollars a second? How
does a little player exit a deep in the money option gracefully with profits
intact? Granted someone is short those strikes I am long, but chances are
he was hedged and has no urgency for closure especially since a half to two
thirds retracement may be in order and in his favor. What are the rules and
the reality regarding CBOE execution around deep in the money options that
fall outside the RAES window? What kind of order should be used for this?
Is this the kind of order where a live broker would be needed?
Thanks,
BobR
----- Original Message -----
From: "The Doctor" <droex@xxxxxxxxxxxx>
To: <realtraders@xxxxxxxxxxxxxxx>
Sent: Thursday, September 21, 2000 8:59 AM
Subject: [RT] Re;OPTn
> To those of you who follow the options industry I have the left the CBOE
> to join the ISE ... the all electronic option exchange. My e personal e
> mail will remain the same ... my cboe email droex@xxxxxxxx will die. My
> ISE e mail will be ajacobson@xxxxxxxxxxxxxx and become effective
> sometime after the first of October.
> I will continue to post to the list as droex.
>
>
>
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