The Winning Way to Play Options During the Holidays
Back in 1992 when I was a market maker on the floor of the Chicago Board of Options Exchange (CBOE) and Board of Trade, a crazy event occurred; Lake Michigan started pouring into underground tunnels and flooding the city in what became known as great Chicago flood.
Most of downtown, including the exchanges, were closed for three days. For the agricultural futures markets in which Chicago was basically the main exchange, it essentially shut off all trading activity in corn, soybeans, and wheat.
For people like me that had short options positions — in which time decay was your best friend — this was truly a godsend. It was like going into a time machine and dialing the clock forward.
The reason I share this tale is… Continue reading at Stock News
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