The following is the OptionBT sighting of
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Position taken   :
Position Description   :
Nine Months out,
200 point vertical bear call spread for credit,
the short side was out of the money by 74 points.
June 2001 / Settlement = 1206.88
Credit or (Debit)   :
$ 25 M
"UtOh" is one of those wonderful subtleties.
Since the position was
nine months out at the time of its creation, hardly anyone noticed.
The significance of this
team or individual that "UtOh" represents should not be discounted.
It is apparent that these guys have done their homework.
By the time that this trade had occurred the SPX had just passed its all time high in August 2000.
The index declined from the day-of-the-trade value of 1427 to 1206.88 which was the
June 2001 settlement.
The title of "UtOh" comes from my "first impression" at the sighting of this BigFoot.
Two hundred point spreads are rare.
A 1250 count spread is rare.
The short side Calls were only seventy points above the market close on the day,
which with nine months to go, appeared to be "inordinately risky".
This width of vertical spread (200 points) is "only" indicative of a bear's position.
The size of the margin ($25M) tells you that these guys have "big guns".
The next time "UtOh" plants his flag,   DO SOMETHING  .
"UtOh" is Good.
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