Re: [RT] Options on SPDRs

[Colin Johnston <ccjohnston@xxxxxxxxx>]

Richard -- 

Richard Garvis wrote:

  
  
Colin,
  
Thanks  for the info.  I was interested in options on SPY since it was the
closest  proxy for an ARMS indicator based system, but I am currently only
using the  underlying.  The system works well enough and I was looking to
add a little  leverage and to try and smooth out some of its shortcomings
while trying to  squeeze a little more out of it by selling unneeded premium. 
Oex, Spx and  QQQ options etc. might work if the underlying assets are well
correlated  with SPY, so thanks for the suggestion.
  
  *** $OEX and $SPX do, in fact, correlate well
to SPY.  If it's still trading at CBOE, also look at $OEF, an index priced
at one-tenth the $OEX and with options underlying.
  
    
  I guess it's back to the EL  powereditor.
     
    
    With best regards,
    
 Colin
    
    
      
Ray,
      
Thanks  for the clarification.  A little prospectus-reading on my part probably
 couldn't hurt.  
 Its McGraw vs. the exchanges (and State Street  I suppose).  I was looking
into those for a Pankin-style switching system  (for diversification and
for my mother-in-law's account, sigh), perhaps with  options for a little
better control.  But, that liquidity could be a  problem.
       
       
      
Happy  trading
      
Richard Garvis
       
       
       
       
      
        
-----Original Message-----
        From: Colin Johnston    [mailto:ccjohnston@xxxxxxxxx]
        Sent: Tuesday, April 01, 2003 11:31    AM
        To: realtraders@xxxxxxxxxxxxxxx
        Subject: Re: [RT]    Options on SPDRs
        
        
        Richard -- SPDRs,    themselves, do not
trade.  Is a term covering the various ETFs, such as    SPY -- which doesn't
have options traded either.  You should investigate    options markets underlying
$OEX, $SPX and the QQQ.   And, the only "dumb"    newbie question is the
one that's not asked.  
        
 On the    covered-calls front, check out OptionVue's software and educational
materials,    and McMillan's texts, to build your knowledge.  Larry M also
has some    modestly-priced online seminars on this topic.  
        
 With best    regards,
        
 Colin Johnston
        
Richard Garvis    wrote:
        
Hello all,
          
Forgive me for this rather newbie      question, but I've noticed no options
on
SPDRs (sector spiders, yes -      SPY, no).  What are traders using as a
proxy
for this.  If no      good ones exist, is there a better ETF-type vehicle
traded
that is      optionable?
          
Mainly looking to write covered calls (for      now)
          
          
Many thanks,
          
Richard      Garvis
          
          
          
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