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Hi Richard,
I don't believe there are options that directly
trade off the SPY, (if I'm wrong let me know). This means that you can not
directly be covered by selling a call such as you can with the QQQ's and
others.
You could establish "protective" positions by using
put options on the SPX (i.e. long the SPY and long SPX puts). This would
effectively protect you from downside loses.
"Standard & Poor’s®,"
"S&P®," "S&P 500®," " Standard and Poor’s
Depositary Receipts ®," and "SPDRs®,"are trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by PDR Services LLC
and the American Stock Exchange LLC. SPDRs are not sponsored, endorsed, sold or
promoted by S&P, a division of The McGraw-Hill Companies, Inc., and S&P
makes no representation regarding the advisability of investing in SPDRs.
The owners of these trademarks have long resisted
deratives, such as options, traded on them. The SPX, OEX and even the
futures have been exchange created and do not use these trademarks.
Sector spiders are not trade marked by McGraw-Hill and can have options
trading.
Good luck and good trading,
Ray Raffurty
<BLOCKQUOTE
>
----- Original Message -----
<DIV
>From:
<A title=rgarvis@xxxxxxxxxxxxxxxxx
href="">Richard Garvis
To: <A title=realtraders@xxxxxxxxxxxxxxx
href="">Realtraders@xxxxxxxxxxxx Com
Sent: Tuesday, April 01, 2003 8:32
AM
Subject: [RT] Options on SPDRs
Hello all,Forgive me for this rather newbie
question, but I've noticed no options onSPDRs (sector spiders, yes - SPY,
no). What are traders using as a proxyfor this. If no good
ones exist, is there a better ETF-type vehicle tradedthat is
optionable?Mainly looking to write covered calls (for
now)Many thanks,Richard GarvisTo
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