The following is the OptionBT sighting of    "Morning Call".
Go to Description Section
Title   :   "Morning Call"      Position taken   :     November 13,2000 @10:38ET
Position Description   :
Four Months out,
50 point vertical bear call spread for credit,
the short side was out of the money by 100 points.
Expiration/Settlement    :    March 2001 / Settlement = 1156.28
Count   :                           1000 pairs
Credit or (Debit)   :            + $1.6 M
Margin   :                          $ 5 M
Results   :                          + $1.6 M

Comments   :   Morning Call

"Morning Call" was spotted on a 10:38ET data base grab.
The end of day data set would not have revealed it.

In hind sight it is easy to see that the market was trending down. From the day of this trade (November 13,2000) until the settlement (March 17,2000) it was all down hill.

One wonders if there is some formula of 100 points out of the money for the short side and four months to go. Maybe it is as simple as recognizing a down trend that will last at least four months. There is no way to tell what "MC" used to make the decision but the results were spectacular.

No matter what measuring stick you choose to use, "Morning Call" took home $1.6M on $5M margin in four months and that is was an exemplary performance.


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