Once you short stock against the ITM call,wide option bid offer is meaningless..In fact it works in your favor should you choose to offer out the same strike put on the offer..
Yeah,those were the good old days with Morgan Stanley executing huge buy programs on the bell with the futures tanking 2 bucks after.. Boxes would trade 2 bucks over,reversals the same,and there was always some schmuck selling the boxes based off carry..
Haha, yes indeed. Fifteen minutes to decide...often had to wait until the last couple seconds before deciding what to do and how much, in order to see where the futures went and see how many other people dropped their slips in the exchange's exercise box.
Darn, you're old! Yes, I was. I have a picture of the viewing level above somewhere, with the pit full of traders, but can't seem to find it.