But if I'm long those 122 calls you wrote it's up to me whether I exercise them or not. Even if SPY closes at 121.90, if news comes out before the time I have to exercise and the market goes up to 123, I will want to exercise those calls and you have to give me the shares at 122 despite the closing price. I just don't see why you're concerned about the prospectus and the underlying value at all. All that matters is the price it's trading at and the only reason the close price would matter is for auto-exercise.
Hmm, I show a Jan 2010 vs. his July 2008... pretty close I guess. Heck, I've looked at so much "stuff" - I may be going a bit whacky, LOL... thanks everyone. Don
I believe it's the same information. That document comes out on a regular basis. Have a good week end Don..........Bob
FYI: CME uses three different calculations to determine ES settlement price. CME uses SOQ for settling the 4 ES quarterlies: (Consolidated calc @ 8:30am) http://www.cmegroup.com/education/featured-reports/understanding-the-soq.html CME uses ESF for settling weeklies and End of Month (VWAP 2:59:30pm - 3:00pm) http://www.cmegroup.com/trading/equity-index/SandP-EOM-options-fixing-price.html Finally they use their Daily Settlement procedures for Non Quarter serial months and early exercise and assignment. (VWAP 3:14:30 - 3:15pm) http://www.cmegroup.com/market-data/settlements/settlements-details.html The ES ESF settlement price calculations track SPY the closest. Quarterly ES SOQ leave a 6 1/2 hour gap before Spy closes and leads to many big settlement surprises if your hedging SPY/ES.