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+Chapter 29: Introduction to Index Option Products and Futures 519 
+Assuming the strategist did not anticipate assignment and therefore did not 
+exercise his long calls, he has several choices after receiving an assignment notice the 
+next morning. First, he could do nothing. This would be an overly aggressive bullish 
+stance for someone who was previously in a hedged position, but it is sometimes 
+done. The strategist who takes this aggressive tack is banking on the fact that the sell­
+ing after the assignment will be temporary, and the market will rebound thereafter, 
+giving him the opportunity to close out his remaining longs at favorable prices. This 
+is an overly aggressive strategy and is not recommended. 
+The most prudent approach to take when one receives an early assignment on 
+a cash-based option is to immediately try to do something to hedge the remaining 
+position. The simplest thing to do is to buy or sell futures, depending on whether the 
+assignment was on a put or call. If one was assigned on a put, a portion of the bull­
+ishness (short puts are bullish) of one's position has been removed. Therefore, one 
+might buy futures to quickly add some bullishness to the remaining position. 
+Generally, if one were assigned early on calls, part of the bearishness of his position 
+would have been removed - short calls being bearish - and he might therefore sell 
+futures to add bearishness to his remaining position. Once hedged, the position can 
+be removed during that trading day, if desired; by trading out of the hedge estab­
+lished that morning. 
+One should receive this assignment notice early in the morning, so he can 
+immediately hedge his position in the overnight markets. If he waits until the day ses­
+sion opens, he might use futures or options to hedge. One should be particularly 
+careful about placing market orders in an opening option rotation, especially on index 
+options after a severe downside move has occurred the previous day. Market makers 
+are very nervous and are not willing to sell puts as protection to the public in that sit­
+uation. Consequently, puts are notoriously overpriced after a large down day in the 
+stock market. One should refrain from buying put options in the opening rotation in 
+such a case. In the future, it is possible that comparable situations may exist on the 
+upside. To date, however, all gaps and severe mispricing anomalies have been on the 
+bearish side of the market, the downside. 
+CONCLUSION 
+The introduction of index products has opened some new areas for option strategists. 
+The ideas presented in this chapter form a foundation for exploring this new realm 
+of option strategies. Many traders are reluctant to trade futures options because 
+futures seem too foreign. Such should not be the case. By trading in futures options, 
+one can avail himself of the same strategies available in stock option. Moreover, he 
+may be able to take advantage of certain features of futures and futures options that