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+options in their heads and make money on price anomalies of 1/16, or, as
+they call it, a “teenie.” For perspective, the reader may contemplate a
+conversation the editor had with one of the most important options traders
+in the world who remarked casually that his fortune was built on teenies.
+The reader may imagine at some length what would be necessary for the
+general investor to make a profit on anomalies of 1/16. (EN10: The advent
+of digital pricing has given market makers and specialists even more
+flexibility to beat the investor by shaving spreads, theoretically, to $0.01.)
+This does not mean the general investor should never touch options; it just
+means he should be thoroughly prepared before he goes down to play that
+game. In options trading, traders speak of bull spreads, bear spreads, and
+alligator spreads. The alligator spread is an options strategy that eats the
+customer's capital in toto.
+Among these strategies is covered call writing. This strategy is touted as
+being an income producer on a stock portfolio. There is no purpose in
+writing a call on a stock in which the investor is long—unless that stock is
+stuck in a clear congestion phase that is not due to expire before the option
+expires. Besides, if the stock is in a downtrend, it should be liquidated, but
+to write a call on a stock in a clear uptrend is to make oneself beloved of the
+broker, whose good humor improves markedly with account activity and
+commission income. The outcome of a covered call on an ascending stock
+is that the writer (you, dear reader) has the stock called at the exercise price,
+losing his position and future appreciation, not to mention costs. The
+income is actually small consolation, a sort of booby prize—a way of
+cutting your profits while increasing your costs. Nevertheless, covered
+writes are justified and profitable in some cases.
+Quantitative analysis
+The investor should be aware of another area of computer and investment
+technology that has yielded much more dramatic and profitable results, but
+that is in a model-driven market—namely, the options markets. Quantitative
+analysts, those who investigate and trade the options markets, are a breed
+apart from technical analysts. In an interesting irony, behavioral markets,
+the stock markets, are used as the basis for derivatives, or options whose